SciSparc (NASDAQ:SPRC) stock is taking off on Friday as investors react to an update on its drug development joint venture.
MitoCareX Bio is the joint venture behind today’s rise. MitoCareX focuses on the “discovery and development of potential drugs for cancer, rare diseases and other life-threatening conditions.”
The big news affecting SPRC stock today is this joint venture reaching its first milestone. That milestone is the creation of its “cloud-based computing infrastructure.” This will allow the company to expand into machine learning systems for the investigation of mitochondrial carriers.
Following this news, SciSparc has announced that it will invest another $400,000 in MitoCareX Bio. To go along with that, the company is also increasing its ownership stake in the joint venture from 31.48% to 41.92%.
SPRC Stock Movement Today
Following news of its joint venture meeting its first milestone, SPRC stock is seing increased activity. That includes heavy trading with some 37 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is a fraction of that at about 317,000 shares.
SPRC stock is up 13.7% as of Friday morning and up 39.2% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.