Ultra-thinly traded nano cap Alliqua BioMedical (NASDAQ:ALQA) is up 43% premarket on robust volume in apparent response to an Award from the National Institute on Drug Abuse (NIDA) to merger partner Adynxx to support the development of lead drug brivoligide for postoperative pain.
NIDA has agreed to provide $5.7M in funding over two years to facilitate the completion of a Phase 2 study in patients undergoing mastectomy (breast removal) with immediate tissue expander or implant replacement. Adynxx may receive an additional three-year award to support a Phase 3 trial.
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