Pond Technologies Holdings Inc. (OTCMKTS:PNDH) is up 11% in a week. Recently the company announced the execution of a commercial agreement with a fortune 500 firm and leading oilsands producer to grow coronavirus antigens expressed from a unique algae strain. The antigens will be vital in rapid diagnostic testing.
According to the agreement, Pond will receive milestone payments of up to C$1 million within the next eight months. In addition, the oilsands producer will pay $150,000 upon signing the agreement with the rest expected once some quality milestones and production volume have been achieved.
The deal is for the development of commercial production capacity for the COVID-19 antigens required for rapid diagnostic testing. In addition, the company expects to finalize a commercial supply deal with a diagnostic test kits producer that will employ recombinant antigens or protein produced by Pond.Also, as part of the deal, Pond will sign a commercial agreement to avail antibodies and antigens from genetically altered algae to create extra revenue. So in the coming months, PNDHF is worth keeping an eye on.
Market Reaction:
On Tuesday, PNDHF stock moved up 2.28% at $0.39 with more than 5.85K shares, compared to its average volume of 8k shares. The stock has moved within a range of $0.3900 – 0.3959 after opening the trade at $0.3946.
