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

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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.

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

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