If you are looking into some of the major gainers this morning then it might be a good move to look into the Quanta Inc (OTCMKTS:QNTA) stock, which has clocked gains of 25% so far.
The stock rallied this morning after the company’s majority held subsidiary firm Medolife announced that the United States Food and Drug Administration has responded with regards to its Pre-Investigational New Drug (Pre-IND) application for the product Escozine. The product is meant for treating patients suffering from COVID 19 infection.
The news has naturally come as a big boost to Quanta and that can be gauged from the action in its stock this morning. The response from the FDA is also validation of the studied that had been conducted into Escozine in the Dominican Republic.
In addition to that, the agency also provided the company with the outline with regards to the next steps that will need to be taken in the United States. The application had been submitted by Medolife back on April 27 last year and hence, the receipt of a detailed response is a significant development.
Key Quote:
“We could not be more pleased with the response from the FDA, in its acknowledgment of our clinical trials on Escozine and its potential therapeutic benefit, as well as the very clear guidelines set forth in the response for moving our program forward,” said Medolife CEO Dr. Arthur Mikaelian.
Market Action
As of 12, QNTA stock surged 25% to $0.0603 with more than 11.96 million shares, compared to its average volume of 8.57 million shares. The stock has moved within a range of $0.0517 – 0.0750 after opening the trade at $0.0550.
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