Cynapsus Therapeutics (NASDAQ:CYNA) (TSX:CTH) exploded 116.23% on volume of 7.3 million shares Thursday.
Late Wednesday, Sunovion Pharmaceuticals and Cynapsus announced that the companies had signed a definitive agreement under which Sunovion will acquire Cynapsus for US$40.50 per share in cash.
The company reported:
“The transaction has received unanimous approval by the Board of Directors of both companies and values Cynapsus at approximately US$624 million (or approximately CAN$820 million). The acquisition will be funded with cash on hand.”
Click here to read the entire press release.
Cynapsus is a specialty central nervous system pharmaceutical company that has been developing a fast-acting, easy-to-use, sublingual thin film for the on-demand management of debilitating OFF episodes associated with PD.
Cynapsus Therapeutics has put out a string of positive press releases lately and announced on August 29th that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation for APL-130277, a product candidate for the treatment of OFF episodes in patients with Parkinson’s disease (PD).
According to the company, it has successfully completed a Phase 2 clinical trial for its product candidate, APL-130277, a sublingual formulation of apomorphine hydrochloride, or apomorphine. Apomorphine is the only molecule approved for acute, intermittent treatment of OFF episodes for advanced PD patients, but is currently only approved as a subcutaneous injection in the United States.
avispa gets cheeky with Cynapsus selection
Long-time Pinnacle member ‘avispa‘ selected Cynapsus after market hours Wednesday and after the company announced it would be bought out at a huge premium.
His combined average return has provided the desired result thus far, catapulting him into the lead ofSeptember’s Stock Challenge.
He commented earlier today in the Challenge Chatter, that:
“Surprised no one else chose CYNA. It was up for grabs last night prior to the deadline. Will I finally get one of those gold bars + star on my name? Thanks Beata . . . U are usually one of the frontrunners.”
While avispa has a nice lead after today, September’s Stock Challenge is nowhere near over. 68.53% has not been enough to win on many occasions in the past six months.
TSX Venture propels members higher in September Stock Challenge
The TSX Venture jumped 1% to close at 794.00 Thursday as it moves back towards 800. The majority of juniors moved higher and the returns are already showing up in September’s Stock Challenge.
Past Stock Challenge Champ ‘webpanther‘ is in second as his leveraged gold ETFs combined to return him 12.43% after day 1.
Member ‘lakebluff‘s two Venture deals returned 11.27%, while ‘silverone‘ put up a 10.55% after day one. Always competitive and past Stock Challenge Champ ‘beata3550‘ crested above 10% as well. Nice start guys!
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