TC BioPharm (NASDAQ:TCBP) stock is heading higher on Thursday after the company announced an acquisition that would beef up its therapeutic platform.
According to a news report, TC BioPharm has executed a non-binding letter of intent for the proprietary manufacturing process of two allogeneic CAR-NK therapeutics. This includes CD-70 CAR NK technology and HER2 CAR-NK technology that both target solid tumors.
TC BioPharm is excited about this acquisition, as the new therapies could perform well in combination with its own TCB-008. It also believes that they have the potential to be used as monotherapies.
TC BioPharm CEO Bryan Kobel said the following about the acquisition plans:
“This proposed asset acquisition would leverage our strengths in optimizing manufacturing processes and developing new cell therapies rapidly to the clinical stage, as well as our core asset on asset base expansion and combination efforts with TCB-008. By merging complimentary technologies under one roof we believe the potential exit value of TCBP is increased.”
How This Affects TCBP Stock
News of the platform acquisitions have shares of TCBP stock experiencing heavy trading on Thursday. This has more than 70 million shares trading hands as of this writing. That’s a major surge when compared to its daily average trading volume of about 3.3 million shares.
TCBP stock is up 78.2% as of Thursday morning. However, the shares are still down 26.5% 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.
