Brooklyn ImmunoTherapeutics Inc BTX is moving higher again on Monday morning as the stock continues to increase in popularity on the subreddit r/wallstreetbets.
What Happened: The stock has soared over the last week after Reddit traders identified the stock as a low float high short interest short squeeze candidate.
Last Thursday, the company announced it had acquired an exclusive license for mRNA gene editing and cell therapies technology of Factor Bioscience Limited and Novellus Therapeutics Limited.
“As a result of the license acquisition, Brooklyn is now poised to become a key player among companies exploring gene editing for cell therapies. This mRNA gene editing technology has the potential to be disruptive given its high efficiency and relatively low manufacturing costs. We look forward to continuing the work begun by Factor Bioscience and Novellus with this platform and to reporting our progress as our products advance towards the clinic,” said CEO Howard J. Federoff.
Related Link: Brooklyn Immuno Therapeutics Skyrockets: Technical Levels To Watch
On Friday, Brooklyn ImmunoTherapeutics filed a Form 8-K showing that it entered into a purchase agreement with Lincoln Park Capital on Apr. 26 in which the company can sell up to $20 million of common shares to the Chicago-based investment group and asset management firm.
Additionally, Nicholas J Singer disclosed that he took a 9%-plus stake in the company in a 13G filing on Friday.
Price Action: Brooklyn ImmunoTherapeutics is up 1,011.61% year-to-date. The stock is up 202.37% over a five-day period.
At last check Monday, it was up 31.80% in premarket trading to $65.61.
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