This article was originally published on Microdose and appears here with permission.
The psychedelic medicine industry has been growing at an impressive rate. Big players like Atai (NASDAQ: ATAI) have joined the ranks, adding billions of dollars of investor interest; and smaller upstarts like Filament Health and Levitee Labs have made their public debuts, adding a diversity of approaches to the space.
All this expansion makes it easy for some companies to get lost in the shuffle. One such firm going somewhat under the radar is Pharmather Holdings Ltd (OTC: PHRRF).
But perhaps we should be paying closer attention. As the industry focused on big-name news, PharmaTher’s stock price has been on a low-key moon run these last few months. Between end-April and end-July the company’s stock price soared approx 375% (from $0.24 to a high of $1.14), before settling down in the $0.90-$1.00 range.
Why the sudden jump? What has the market seen in PharmaTher that we should perhaps know about?
Let’s use the company’s recent end-of-year financial highlights to help take a closer look.
PharmaTher’s Business Highlights and Financials
This week PharmaTher released business and financial results for its fiscal year ended May 31, 2021. Let’s have a look at some of the highlights (all figures in Canadian dollars and information taken from the company’s press release)
- Announced the FDA approved the Company’s Investigational New Drug application to proceed with a Phase 2 clinical trial to evaluate the safety, efficacy and pharmacokinetics of ketamine in the treatment of levodopa-induced dyskinesia in patients with Parkinson’s disease.
This seems to be the news that got the stock rolling. Announced in mid-May, this approval to begin Phase 2 clinical trials moved PharmaTher into an elite group of companies in advanced clinical trials. The positive price movement started around this time.
- Closed the sale of …