Shares of Aikido Pharma (NASDAQ:AIKI) stock are soaring on Wednesday after the biotech company announced a major step in a new way to fight cancer.
The firm said it “executed a Patent License Agreement for technology that covers the use of psilocybin for cancer applications.” Psilocybin — or the compound found in “magic mushrooms” — is a natural psychedelic that has gained some traction as of late for medical purposes. In fact, research has discovered that many psychedelics have major therapeutic potential for physical or mental complications.
Moreover, according to the release, the technology part of the Aikido Pharma deal is covered by four patent applications currently on file with the U.S. Patent and Trademark office.
Anthony Hayes, CEO of Aikido, had this to say about the AIKI stock news:
“We are excited to explore this aspect of cancer treatment. Our license covers the use of psilocybin to treat both cancer and cancer side-effects and we believe this to be an expanding area for treatment.”
AIKI stock was up 57% as of Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.