Shares of Intec Pharma (NASDAQ:NTEC) stock are blasting off on Wednesday morning. And it’s really no surprise after the recent company announcement of a beneficial agreement.
According to a press release, the pharmaceutical firm entered a “feasibility agreement” with GW Pharmaceuticals (NASDAQ:GWPH) — a company focused on developing treatments from plant-derived cannabinoid. That said, this deal will center on the Accordion Pill platform, Intec’s oral drug delivery system, and its uses “for an undisclosed research program.”
Jeffrey A. Meckler, vice chairman and CEO of Intec Pharma, had this to say about the NTEC stock news:
“We are very excited to collaborate with GW. Through partnerships such as this, we continue to evaluate the utility of our Accordion Pill (AP) platform in the development of innovative therapeutics.”
It has been a busy few months for both Intec Pharma and NTEC stock. In early October, the company announced a new research agreement with Merck (NYSE:MRK) and Intec stock gained 10% on the day. However, Intec Pharma then announced a 1-for-20 reverse stock split, and the response was not great. NTEC stock fell nearly 25% that day, and another 25% the following day.
Nonetheless, third-quarter earnings provided some relief. And thus, Intec stock was able to recover well before the massive run up today.
NTEC stock was up more than 62% as of Wednesday morning.