EGF Theramed Health Corp (OTCMKTS:EVAHF) jumped 43.41% after announcing that its joint venture subsidiary Pharmadelic Labs Inc. had entered a laboratory services contact with Numinus Wellness Inc. Pharmadelic is a biotech firm that focuses on developing, enhancing, and patenting engineering methods for compounds biosynthesis such as psilocybin. Numinus will offer lab expertise to Pharmadelic through its Health Canada-licensed Numinus Bioscience lab located in British Columbia. Equally, Numinus will offer R&D services, purity and compound identification testing with compliance and regulatory consulting services.
Pharmadelics is looking to develop an IP portfolio on biosynthesis pathways utilizing psilocybin and years. Equally, the company will develop commercially viable psilocybin compounds through genome sequence editing of brewing yeasts.
EGF Theramed Director and Pharmdelic Labs CEO George Anstey said that the Numinus agreement expands and accelerates Pharmadelic’s capability to develop valuable IP and enhance shareholder value for TMED and Pharmadelic. He said they are looking forward to Numinus driving their R&D agenda. In the coming weeks, EVAHF is a stock to watch.
Market Reaction:
On Monday, EVAHF stock went up 43.40% to $01120 with more than 6.35 million shares, compared to its average volume of 84k shares. The stock has moved within a range of $0.1100 – 0.1434 after opening the trade at $0.11 Over the past 52-week, the stock has been trading within a range of $0.0440 – 0.4500.
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