Biotech Stock Massively Bid Up Premarket

Biotech Stock Massively Bid Up Premarket

By: Tomas Ronolski - News

Tuesday, November 22, 2022

A biotech micro cap stop is getting a lot of attention during Tuesday’s premarket after it was announced that the company has agreed to sell all of the company’s rights to Ebopiprant to XOMA Corporation (Nasdaq:XOMA) for an upfront payment of $15 million and future milestone payments of up to $98 million, according to the release. This sent shares of ObsEva SA (Nasdaq:OBSV) higher during premarket hours.

ObsEva SA is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for serious conditions that compromise a woman's reproductive health and pregnancy. The company is focused on providing therapeutic solutions for women between the ages of 15 and 49 who suffer from reproductive health conditions that affect their quality of life, ability to conceive or that complicate pregnancy and the health of newborns. The is developing OBE2109 as a novel, oral gonadotropin-releasing hormone, or GnRH, receptor antagonist, for the treatment of pain associated with endometriosis and heavy menstrual bleeding associated with uterine fibroids in pre-menopausal women.

As previously mentioned, traders were exciting on the news as shares are currently bid up at $0.236/share (+42.43% implied open for sellers) at the time of writing. This should be an exciting session for this micro cap!

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