Biotech Rallies Right Before Opening Bell

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, August 1, 2023

A San Diego-based biotech company is turning heads Tuesday morning after the company announced that its partner, Melinta Therapeutics, has launched Rezzayo, a treatment for candidemia and invasive candidiasis, in the US. According to the release, Rezzayo was approved by the FDA earlier in 2023, and the company said that it could add potential transaction value of the Melinta license agreement of up to $460 million, including a $30 million upfront payment and up to $430 million in regulatory and commercial milestones.

This sent shares of Cidara Therapeutics Inc. (Nasdaq:CDTX) higher during Tuesday’s premarket, with traders currently willing to buy at $1.06/share (+6.50% implied open for sellers) at the time of writing. This should be an exciting session for this small cap!

Cidara Therapeutics Inc is a biotechnology company. It is focused on the discovery, development, and commercialization of novel anti-infectives for the treatment and prevention of diseases. The company's Rezafungin is a novel molecule in the echinocandin class of antifungals. It is developing rezafungin for the first-line treatment and prevention of serious, invasive fungal infections which are associated with high mortality rates.

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