Intec Pharma Ltd (NTEC) stock started the new week with a bang and it gained 17.51% in the normal trading on Monday, May 10, 2021, to close the session at $4.16 per share. NTEC continued its momentum in the after-market session and surged 23.56% to close at $5.14 per share. NTEC shares have declined 11.11% over the last 12 months, and they have moved up by 7.77% in the past week. Over the past three months, the stock has lost 19.07%, while over the past six months, it has surged 48.57%.
Let’s discuss its recent news.
Merger Agreement with Decoy Biosystems
On March 15, 2021, Intec Pharma Ltd entered into a definitive agreement with Decoy Biosystems, Inc.
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The combined company will advance its immunotherapy platform to battle a variety of tumour types and chronic viral infections.
The former Decoy stockholders are expected to own approximately 75% of the combined company, and the Intec shareholders are expected to own approximately 25% of the combined company, upon completion of the merger.
Research collaboration with GW Pharma
On December 9, 2020, Intec Pharma Ltd entered into a feasibility agreement with GW Research Limited (GW), London, the U.K. to explore using the Accordion Pill platform for an undisclosed research program.
Additional details of the agreement were not disclosed.
Financial results
On Nov. 5, 2020, Intec Pharma Ltd. reported financial results for the third quarter ended September 30, 2020.
Q3 2020 financial highlights
- Intec Pharma suffered a net loss of approximately $3.7 million in Q3 2020 compared with the net loss of approximately $20.4 million in Q3 2019.
- Loss per ordinary share was $0.95 for the three-month period ended September 30, 2020, compared with $12.16 for the three-month period ended September 30, 2019.
- Research and development expenses were approximately $2.1 million in Q3 2020, compared with approximately $8.4 million in the three months ended September 30, 2019.
- General and administrative expenses were approximately $1.5 million for Q3 2020 compared with approximately $2.2 million in Q3 2019.
- NTEC used approximately $8.9 million net cash in operating activities in Q3 2020 compared to $23.9 million in Q3 2019.
- The Company had cash and cash equivalents of approximately $17.1 million on September 30, 2020.
1-for-20 Reverse Share Split
On October 29, 2020, Intec Pharma Ltd announced a 1-for-20 reverse share split of its outstanding ordinary shares. The reverse share split became effective after trading closed on October 29, 2020, and the Company’s ordinary shares began trading on a split-adjusted basis on the Nasdaq Capital Market on October 30, 2020, under the Company’s existing symbol “NTEC.”
Conclusion
Well, as of this writing we have no recent developments to justify its rush on Monday. We cannot predict whether it will continue its positive momentum on Tuesday or not.
About Intec Pharma Ltd.
Intec Pharma is a clinical-stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology. The Company’s Accordion Pill is an oral drug delivery system that is designed to improve the efficacy and safety of existing drugs and drugs in development by utilizing an efficient gastric retention and a specific release mechanism.