Lobe Sciences Ltd (CSE:LOBE, OTCQB:LOBED) stock shot up Tuesday after the biopharma company said it had inked a share purchase agreement to acquire Altemia & Company LLC to boost its rare disease portfolio.
Vancouver-based Lobe, which is focused on advancing patient-friendly psychedelic drugs, said the acquisition gives the company its first product.
"Starting in the second half of 2023 we will launch our first commercial product, a medical food called Altemia for the management of Sickle Cell Disease (SCD). This product has been well studied in human clinical trials.”
He noted that the patent-pending formulation is based on decades of research, millions of dollars and will add commercial revenue starting this year.
Lobe shares surged 43.4% to $0.037 on the OTC Markets in afternoon trade.
Altemia is an oral emulsion consisting of a mixture of polyunsaturated fatty acid triglyceride esters clinically evaluated to reduce inflammation in adult patients suffering from sickle cell disease, a rare inherited blood disorder marked by defective hemoglobin.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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