PreveCeutical Medical stock soars, but company says not aware of reasons behind rally

PreveCeutical Medical Inc (CSE: PREV) (OTCQB: PRVCF) shares closed sharply higher on Tuesday, but the company said it was not aware of any reason behind the stock’s surge.

“At the request of the Investment Industry Regulatory Organization of Canada (IIROC), (the company) confirms that its management is not aware of any undisclosed corporate development or material change to the company or its operations that would account for the recent increase in market activity,” a statement said.

Shares of PreveCeutical in Canada closed 50% higher at C$0.06, while its stock in New York settled 53.33% stronger at US$0.46. 

BIG PICTURE: PreveCeutical Medical reaches major milestone in its Australia Sol-Gel research program

PreveCeutical is a health sciences company that develops options for preventive and curative therapies utilizing organic and nature identical products.

The company currently has five research and development programs.

They include a dual gene therapy for curative and prevention therapies for type 2 diabetes and obesity; a Sol-gel drug delivery program; Nature Identical peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).

The company is based in Vancouver, British Columbia.

Story by ProactiveInvestors