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Penny Stock Surges On In-Licensing Antiviral Drug Platform

Penny Stock Surges On In-Licensing Antiviral Drug Platform

Shares of nano-cap biotech Aikido Pharma Inc (NASDAQ: AIKI), are ripping higher following an announcement concerning worldwide licensing of an antiviral platform.

Aikido said it has exercised the option to license from the University of Maryland Baltimore, the broad-spectrum antiviral platform, which is a broadly acting pan-viral inhibitory compound with efficacy against multiple viral pathogens.

The technology will inhibit replication of multiple viruses, including influenza virus, SARS-COV, MERS-COV, ebola virus and Marburg virus, it added.

The execution of the initial option agreement was announced by Aikido, which was then known as Spherix Pharma, in early March.

"We continue to vet the technology we optioned, but this antiviral drug platform technology we've licensed is broader with more potential applicability, while also coming from the same lead inventors and institution," said Anthony Hayes, CEO of Aikido.

"We will continue to investigate the technology covered by our option and we will be providing additional information about this antiviral platform shortly."

Aikido shares were skyrocketing 200% to $2.01 Tuesday morning but pulled back to trade up about 38% to 93 cents at time of publication.

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