NLS Pharmaceutics AG (NLSP) stock soared 107.45% on Friday, March 12, 2021, and it just lost 2.74% in the pre-market session of today March 15, 2021, as of this writing. Let see what was the reason behind such a high peak.
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NLSP License agreement with Novartis
The NLSP stock doubled in value after the company announced that it has entered into a license agreement with Novartis Pharma AG, whereby the Company has obtained, on an exclusive basis in the United States for Sanorex® (mazindol).
Sandoz developed Sanorex as an immediate-release obesity drug designed to reduce weight at a fast pace. NLSP has obtained the same rights on a non-exclusive basis outside the U.S., except for Japan.
Participation is Investor conferences
Earlier the NLSP confirmed that the CEO and Co-Founder of the NLS Pharmaceutics will present the company at Maxim 2021 Emerging Growth Virtual Conference hosted by M-Vest on March 17, 2021. The NLSP’s presentation for this conference will be available on M-Vest following the conference.
Earlier on February 25, 2021, NLSP also participated in Livingston Securities Healthcare and Emerging Growth CEO Series.
Announcement about its IPO
On February 2, 2021, NLSP announced the closing of its initial public offering of 4,819,277 units for $4.15 per unit. NLS received gross proceeds of approximately $20.0 million before any deductions.
About the company:
The company was founded in 2015 and its headquarter is in Switzerland. It’s a clinical-stage pharmaceutical company that is focused on the discovery and development of innovative therapies for patients with rare and complex central nervous system disorders. NLSP major drug Quilience is used for the treatment of narcolepsy. Ronald Hafner is the Chairman of the Board of Directors and Alexander Zwyer is Chief Executive Officer and Director.