Aptorum Group saw its market capitalization double following a busy week where the biopharmaceutical firm released its latest results and announced a merger plan.
Shares of the Nasdaq-listed company were up over 109% by midday Wednesday at US$5.85.
Earlier this week, the firm revealed plans to merge its subsidiary Paths Innovation Limited with Universal Sequencing Technology Corporation, a San Diego and Boston based advancing proprietary DNA sequencing technologies.
Paths Innovation is working on a liquid biopsy NGS based technology for diagnosing infectious diseases.
Meanwhile, Aptorum revealed it narrowed its net loss in the fiscal year of 2022 to $11.5 million, as compared to $27.1 million in 2021.
Research and development expenses were $9.2 million in 2022 as compared to $10.9 million in 2021, as its reliance on contract research organizations lessened amidst planning for Phase 2 trials.
Aptorum CEO Darren Lui told shareholders that the company’s lead projects: ALS-4, targeting infections caused by Staphylococcus aureus including Methicillin-resistant Staphylococcus aureus; and SACT-1, targeting neuroblastoma, are close to completing regulatory clearance for the next stage of clinical trials in the US.
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