Neuropathix Inc. (OTCMKTS:NPTX) was up 12% and 60% in a week. The company has announced that its wholly-owned subsidiary Kannalife Sciences Inc. has received a notice of award for a $2.97 million grant for Phase 2 STTR Study from the NIH’s National Institute of Neurological Disorders and Stroke.
The 3-year STTR Study Grant will be funded via the NIH HEAL Initiative for Development of Therapies and Technologies Directed at Enhanced Pain Management. In addition, the grant will offer necessary funding for KLS-13019 Development for Neuropathic Pain. Most importantly, the R42NS120548 Notice of Award sets forth a $977,054 funding allocation for the first year, $991,944 for the second year, and around 1 million for the third year.
Chief Pharmacologist Douglas Brenneman said that with the support from NIH, the company is optimistic of having an effective medicine for neuropathic pain patients provides with the discovery of a novel drug. With studies in animal studies showing evidence of considerable reverse of chemotherapy-related pain, future studies will be employed to ensure safer dosing. NPTX is worth watching in the coming weeks.
Market Reaction:
On Tuesday, NPTX stock soared 12% at $0.0643 with more than 864K shares, compared to its average volume of 63k shares. The stock has moved within a range of $0.0500 – 0.1124 after opening the trade at $0.0979.
