Home Financial Markets Why Brooklyn ImmunoTherapeutics Inc. (BTX) stock rallied on Tuesday, April 19, 2021?

Why Brooklyn ImmunoTherapeutics Inc. (BTX) stock rallied on Tuesday, April 19, 2021?

Brooklyn ImmunoTherapeutics Inc. (BTX) shares gained 6.23% in the after-market session on Tuesday, April 19, 2021. Earlier BTX stock soared 27.31% in a normal trading session.

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BTX shares have surged 325.65% over the last 12 months, and they have moved up by 64.81% in the past week. Over the past three months, the stock has gained 91.96%, while over the past six months, it has added 127.67%.


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Let’s try to find out the reason behind its Tuesday surging.

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Inducement Grants

On April 19, 2021, Brooklyn ImmunoTherapeutics reported that the company granted a nonqualified stock option covering 2,627,915 shares of Brooklyn’s common stock to Dr. Federof.

Previously on 16 April 2021, Dr. Federoff was granted a nonqualified stock option covering 597,253 shares of Brooklyn’s common stock. This inducement grant is given to Dr. Federoff for his devoted continuous service with Brooklyn.

mRNA Technology Platform license Acquisition

On April 15, 2021, Brooklyn ImmunoTherapeutics paid$1 million to acquire the Factor Bioscience’s and Novellus’ mRNA Gene Editing and Cell Therapies technology license which has been extended till May 21, 2021.

Upon completion, Brooklyn would be able to start a patented process to seek to develop gene-edited compounds using mRNA which are used for the treatment of several solid tumour and liquid indications, sickle cell anemia, as well as for several additional inherited disorders.

New Board member

On April 15, 2021, Brooklyn ImmunoTherapeutics appointed Dennis H. Langer, M.D., J.D. to the Company’s Board as an Independent Director, effective May 1, 2021.

New CEO appointment

On April 6, 2021, Brooklyn ImmunoTherapeutics appointed Howard J. Federoff, M.D., Ph.D., as Chief Executive Officer and President and a director as of 16 April 2021.

Ronald Guido was replaced by Dr. Federoff, who was serving as Interim CEO and will remain on Brooklyn’s management team as Chief Development Officer.

Reverse merger completion with NTN Buzztime

On March 25, 2021, Brooklyn ImmunoTherapeutics, announced the completion of the reverse merger with NTN Buzztime, Inc. Brooklyn’s common stock has start trading on the NYSE American Exchange under the ticker symbol “BTX” from March 26, 2021.

According to the agreement, Brooklyn ImmunoTherapeutics has merged with NTN Buzztime and became a wholly-owned subsidiary of NTN Buzztime. NTN Buzztime has changed its name to Brooklyn ImmunoTherapeutics.

Let’s have a look at the recent available financial figures of NTN Buzztime. NTN Buzztimeannounced its financial results on November 13, 2020, for the third quarter ended September 30, 2020.

3Q 2020 financial highlights

  • For the third quarter 2020, total revenues were $1.5 million, up to $0.7 million (or 96%) sequentially as compared to the second quarter of 2020, but down from $4.6 million in the third quarter of 2019
  • operating expenses for the reported quarter were $2.9 million compared with $4.9 million in the third quarter of 2019.
  • NTN Buzztime suffered a net loss of 1.5 million, or $0.50 per share to common shareholders in Q3 2020 compared with $351,000, or $0.12 per share, in the prior-year third quarter.
  • As of September 30, 2020, NTN Buzztime had cash, cash equivalents, and unrestricted cash of $1.7 million.

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Conclusion

BTX has performed exceptionally well in the last 12 months and there is no recent development behind its positive momentum on Tuesday. We can expect a stable performance for the rest of the week.

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