Yesterday, the stock price of Medicure, Inc. (PINK:MCUJ) literally went through the roof shortly after the company announced plans for a new clinical trial.
Clocking in at $0.043 per share, MCUJ surged by a staggering 102% during the latest trading session on the OTCQB marketplace. Thus, MCUJ recorded what seems to be its best market performance for the last six months as its value hit a 26-week record. What is more, MCUJ’s jump occurred on increased investor interest since more than 1.16 million shares of common stock changed hands by the end of the trading day. By contrast, the company’s average daily trading volume currently amounts to 260 thousand.
Medicure, Inc. is a pharmaceutical company focused on developing new small molecule therapeutics. The new clinical trial mentioned above refers to the so called AGGRASTAT (tirofiban HCI) which, combined with heparin, is aimed at treating acute coronary syndrome. The dosing regimen, however, has yet to receive an FDA approval.
Although MCUJ is practically a Canadian company, it is also a registered SEC filer. As seen on its latest quarterly report covering the period ended Aug. 31, 2011, the company’s balance sheet contains:
- cash reserves of CAD 1.23 million;
- current assets of CAD 2.87 million vs. current liabilities of CAD 2.29 million;
- net sales revenue of CAD 1.5 million vs. CAD 0.83 million a/o Aug. 31, 2010;
- net income of CAD 23.5 million, almost entirely comprised of gain on settlement of debt.
