Canadian Healthcare Tech Stock Rises On Acquisition

CloudMD Software & Services Inc. (TSXV:DOC), a Canadian healthcare tech stock, moved up after announcing plans to acquire Snapclarity

Sean Mason | September 25, 2020 | SmallCapPower

Another acquisition was good news for investors in a Canadian healthcare tech stock Friday. Here’s some small stocks making big moves on Friday, September 25, 2020 (as of 4 pm EST):

CloudMD Software & Services Inc. (TSXV:DOC), a Canadian healthcare tech stock, gained 7% to $2.09 on Friday after announcing plans to acquire mental health digital platform Snapclarity Inc. by way of a “three-cornered amalgamation” for $3.35 million, consisting of $975,000 in cash and up to $2.375 million in CloudMD stock.

Read: Virtual Canadian Healthcare Play Has a Favourable Prognosis

Win Big With Our Small Cap Picks

 

As well, shares of The Supreme Cannabis Company, Inc. (TSX:FIRE) climbed 7% to $0.145 as the Canadian cannabis company said its Q4 2020 recreational sales net revenue rose 27% quarter over quarter and 373% year over year, while its operating expenses (after restructuring) fell 65% year over year.

Cardiol Therapeutics Inc. (TSX:CRDL), meanwhile, reported that the U.S. Food and Drug Administration (FDA) has approved the Company’s Investigational New Drug application to begin a Phase II/III, double-blind, placebo-controlled clinical trial investigating the efficacy and safety of CardiolRx, a cannabidiol formulation, in 422 hospitalized COVID-19 patients with a prior history of, or risk factors for, cardiovascular disease. Cardiol Therapeutics stock popped 19% to $2.98 following the announcement.

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

Hi, did you know SmallCapPower accepts blog submissions? You can contact me here

Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

To read our full disclosure, please click on the button below: