MBXBF - Biotech Shares Rally On Tuesday

2023-05-16 16:20:31 ET

A small %Biotech company based out of Ontario is turning heads on Tuesday after the company announced the execution of an agreement to return Kinlytic ® urokinase to market, initially for dissolving blood clots in venous catheters in the United States and to be followed by other geographies and clinical indications, according to the release.

This news caused shares of %MicrobixBiosystems (TSX: ) (OTCQX: ) to rally strongly during Tuesday’s session, with shares trading on the Canadian side reaching up to $0.47/share (+25.33%) at the session high. This move could be an indication of things to come following the slight rally since mid-March of this year.

Microbix develops proprietary biological technology solutions for human health and well-being, with about 90 skilled employees and sales growing from a base of over $1 million per month. It makes a wide range of critical biological materials for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs(TM)) that support clinical lab proficiency testing, assay development and validation, or clinical lab workflows.