Abattis Bioceuticals Corp. (OTCMKTS:ATTBF), a Canadian specialty biotechnology company, extended gains fueled in part by last week's announcement that Abattis has entered into a share exchange agreement with Experion Biotechnologies Inc.
The shares jumped 9.8 percent to $1.17 at 3:23 p.m. Eastern Time.
The share volume had soared yesterday, with 1,166,632 changing hands, significantly higher than its three-month average.
Experion and Abattis’ wholly owned subsidiary Northern Vine have exchanged 25 percent of each parties' issued and outstanding common shares, Vancouver-based Abattis said in a statement on April 10. Abattis maintains a 75 percent ownership in Northern Vine.
Experion is located in Greater Vancouver and is nearing the completion of its Marijuana for Medical Purposes Regulations (MMPR) license application with Health Canada.
Together, Northern Vine and Experion are well positioned to capitalize on the growing trend towards marijuana legalization in the U.S., and medical use in Canada as licensed producers, Abattis said last week.
Northern Vine, a lab and compounding pharmacy with patented compositions, owns various Natural Health Product licenses for use in the nutraceutical markets.
Northern Vine has one remaining outstanding item to complete as required by Health Canada in respect of its controlled substance license application.
Abattis has surged twelve times in the past three months, giving the company a market value of $11.5 million.