Diabetes management firm ALR Technologies (OTCMKTS:ALRT) came in considerable focus among investors on Tuesday and its stock ended up with gains of as much as 5% as a consequence. In light of the gains made by the stock yesterday, it is likely that the stock is going to be on the radars of many investors today and hence, it may be a good time to take a look at the announcement from the company on Tuesday.
On Tuesday, ALRT stock gained 4.45% to $0.0476 with 3k shares traded, compared to its average volume of 96k shares. The stock has moved within a range of $0.0476 – 0.0476 after opening trade at $0.0476.
ALR Technologies and Infinovo Sign Memorandum of Understanding to Manufacture World’s First CGM for Diabetic Pets
ALR announced on Tuesday that it had inked a Memorandum of Understanding for a worldwide supply agreement for the P3 Continuous Glucose Monitor with Infinovo Medical Co Ltd.
As per the terms of the agreement, the company is going to use the monitor in the animal health space. In addition to that, it should also be noted that the two companies are also going to work together in integrate the P3 CGM device with the GluCurve platform that is owned by ALR.
It has been suggested that the testing for the same is expected to begin at some point later on in the month. At this point in time, it remains to be seen if the ALR stock can continue to add to its gains in the coming days.
“We are excited to take this significant step forward with Infinovo,” said Sidney Chan, Chairman and CEO of ALRT. “By combining the talents, strengths, and resources of both companies, we anticipate bringing the GluCurve Pet CGM to market much faster than previously expected. We are planning to commence commercial delivery as early as June, 2022. Working with Infinovo will provide ALRT the cutting edge hardware needed for our GluCurve Pet CGM in order to provide veterinarians the solution to diabetes management they are desperately seeking.”
ALRT stock is trading below the 50-Day and 20-Day Moving averages of $0.0543 and $0.0502. Moreover, the stock is trading is the neutral zone with RSI stands at 42.