Nano cap Innovate Biopharmaceuticals (INNT +22.8%) bucks the broad market selloff on 65% higher volume. Shares are still down ~90%, however, since July.
Last week, it announced a collaboration with Massachusetts General Hospital aimed at understanding how certain toxins in the intestines may cause liver disease via breaching the gut vascular barrier via ethanol-induced disruption. The company expects the research to enhance its knowledge of how agents like larazotide may prevent the “leaky” barrier from worsening, thereby providing a potential treatment benefit in patients with liver disorders like NASH.
On the working capital front, at the end of September it had $8.1M in cash and equivalents while operations consumed $12.8M during the first three quarters of the year.
In late October, it inked agreements with H.C. Wainwright and Ladenburg Thalmann for the at-the-market sale of up to $40M of common stock.
Next Monday, December 17, management will host an investor update during which it will review its capital plan for its celiac disease clinical program and its NASH development strategy.
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