Quanta Inc. (OTCMKTS:QNTA) fell 8% after its majority-owned subsidiary Medolife Rx Inc. announced the completion of a semi-annual filing with the Dominican Republic’s Ministry of Environment detailing the expansion of the company’s scorpion reservation, surpassing the regulatory body’s expectations. Notably, the MOE expressed additional interest in its product, Escozine, that renewed registration recently in the Dominican Republic as an alternative oncological treatment medicine.
The bi-yearly filing is a necessary requisite of Medolife’s agreement with the MOE.It is designed to offer updates on build-out progress, findings of next studies, and highlights of the next steps the Quant Subsidiary will take in developing novel reservations in Azua and Neyba provinces. Medolife picked the Azua province because of its similarities to the Rhopalaurus Princeps scorpion species’ natural environment.
Notably, the company uses peptides from the scorpions in most of its nutraceutical and pharmaceutical product lines. The reservation will permit safe and human cultivation and peptides extraction. So, QNTA is worth keeping an eye on in the weeks to come.
Market Reaction:
On Wednesday, QNTA stock slid 8% at $0.0333 with more than 689K shares, compared to its average volume of 2.33 million shares. The stock has moved within a range of $0.0330 – 0.0366 after opening the trade at $0.0365.
