Biotech Shares Are Running Again!

A Pennsylvania-based biotech company captured the attention of the trading community on Wednesday after the company announced the receipt of a $15 million tranche under its non-dilutive ex-US royalty-based financing (the R-Bridge Financing). According to the release, this tranche of funding was triggered by the first commercial sale of OLINVYK in China by Jiangsu Nhwa, the Company’s licensee in China.

This sent shares of Trevena Inc. (Nasdaq:TRVN) soaring on the news, with shares hitting $1.12/share (+27.99%) at the session high. This move could be an indication of things to come seeing that the stock just recently bounced off of a key support level near the $0.85 mark.

Trevena Inc is an American biotechnology company. The portfolio pipeline is focused on medicines targeting pain management: TRV734: oral medicine for moderate to severe pain; TRV250: oral medicine for migraines; and TRV027: treatment for acute heart failure. Its leading product is oliceridine (TRV130), a protein-based chemical meant to manage moderate to severe acute pain.

Copyright © 2023 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com’s content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

]]>