Biotech Steals The Show Following $14 Million Grant Announcement

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, August 27, 2024

A California-based biotech company is finding a tremendous amount of success so far during Tuesday’s session after it was announced that the company received a $14 million grant from the National Institutes of Health and National Institute on Drug Abuse to continue developing PF614-MPAR, an abuse-deterrent opioid with overdose protection, according to a release.

Traders couldn’t get their hands on shares of Ensysce Biosciences Inc. (Nasdaq:ENSC), with the micro cap climbing up to $0.8145/share (+85.87%) at the early session high. This move could be indicative of a potential technical breakout as it appears to have temporarily broken out of the multi-month downtrend.

Ensysce Biosciences Inc is a clinical-stage biotech company using its proprietary technology platforms to develop safer prescription drugs. The company is developing a new class of powerful, tamper-proof opioids that prevent both drug abuse and overdoses. Ensysce's products are anticipated to provide safer options to treat severe pain and assist in preventing deaths caused by opioid abuse, reducing human and economic costs.

Copyright © 2024 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.