Protagenic Therapeutics Inc. (PTIX) stock saw a loss of 11.50% in its share price, and as a result, the price was hovering around $2.00 in the current market.
Pricing of Public Offerings
On the 27th of April, the company announced the pricing of an underwritten public offering of 3.18 million units, at a public offering price of $4.15, from which, the company expected to achieve the aggregate gross proceeds of about $13.2 million. One unit consists of one share of common stock, and apart from that, one warrant to purchase one share of common stock The Company said in its statement that each of the warrants could be exercised at a rate of $4.98 per share, and it would expire five years after its issuance. Two days later, on the 29th of April, the company announced the closure of the offering.
Appointment as Principal Investigator
In mid of December 2020, the company announced that Dr. Maurizio Fava, a Director of Division of Clinical research of Massachusetts General Hospital (MGH) research institute, and Psychiatrist-in-Chief at MGH, would serve as the Principal Investigator in the upcoming clinical trial related to testing PT00114 in the patients having anxiety, depression, PTSD, as well as within some healthy volunteers. PT00114 is Protagenic’s leading drug compound, relating to the regulation of stress response in the brain. PT00114 has a unique mechanism of action, with robust effects in preclinical studies, said Dr. Fava. Besides, the company also announced the completion of a two-species GLP toxicology study, which the company said could aid in Investigational New Drug (IND) application filing with the Federal Drug Administration (FDA).
Completion of Convertible note financing
In September last year, the company announced the completion of convertible note financing, and as a result, it has raised its target amount of $2 million. This capital of $2 million would be used to finance the IND application filing of PT00114, with the FDA, as announced by the company. These steps have reinforced our optimism that our product has the potential to alleviate many stress relate disorders, said by Executive Chairman of the company, Garo H. Armen.
COVID-19 pandemic effect upon the company
COVID pandemic didn’t affect the business activities of the company, because of the fact that having origins in the biotechnological industry, the company’s business did not face any major hurdles from government-imposed restrictions, hence, any major effect upon the company was not marked during peak pandemic times. With ease in government restrictions, it is hoped that the company could generate start operating in a normal manner, hence, positively impacting its business performance.
What’s in Waiting for PTIX stock?
Looking ahead, Protagenic Therapeutics Inc. has the potential to become one of the giants of the biotechnology industry, because its domain is an emerging one, like stress and anxiety-related issues. Once the IND application gets approved by FDA, the company would be truly on a path to attain success within the near future. These developments would directly impact PTIX stock. So, potential buyers should keep a close watch on PTIX stock.
