CytoDyn Inc (OTCMKTS:CYDY) continued to move higher for the second consecutive session on Friday.
CYDY stock jumped by 6.87% to close at $2.80 on Friday. More than 3.43 million shares traded hands for the session. The stock opened at $2.62 and moved within a range of $2.62-$2.95. However, for the week the stock fell about 3.70%.
CYDY Signs Distribution Agreement
This week, CytoDyn released news. Here are key highlights:
CytoDyn Signs Distribution Agreement with Macleods Pharmaceuticals Ltd. to Pursue EUA and Compassionate Use Access to Leronlimab in India
- CYDY has executed an exclusive supply and distribution agreement with Macleods Pharmaceuticals Ltd. in India.
- This commercial agreement will enable Macleods to sell leronlimab in India following regulatory clearance.
- Macleods is one of the largest pharmaceutical companies in India with a presence in over 140 countries.
Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, stated, “We are delighted Macleods Pharmaceuticals reached out to CytoDyn and equally excited to reach this agreement with their team so quickly. From the time they first contacted us about our drug, we were able to conclude this agreement within a few days. It is an honor to work with an organization so motivated to bring leronlimab to COVID-19 patients in India. Currently India has zero product approved for critically ill Covid-19 patients and we are delighted to be working toward being the first approved drug for this population.”
Vijay Agarwal, a Business Development Director at Macleods, commented, “We are thrilled with our recently executed exclusive supply and distribution agreement with CytoDyn. We believe there is an immediate need for leronlimab in our country, to save COVID-19 infected patients who are on ventilators. We need to bring this product to market ASAP for them!”
CYDY is trading below its 50-day and 200-day moving average price of $2.85 and $3.70 respectively. The stock has lost 48% so far this year. Watch for reversals at the following areas 2.84, 3.06, and 3.39 above and 2.51, 2.40, and 2.07 below. CYDY hasn’t had 2 consecutive up days in almost a month. The stock needs to break past 3.00 to rally.