HomeTop MoversWhy did Protagenic Therapeutics Inc. (PTIX) stock commence the new week with...

Why did Protagenic Therapeutics Inc. (PTIX) stock commence the new week with a negative trend?

Protagenic Therapeutics Inc. (PTIX) shares declined 13.82% in the pre-market on Monday, July 26, 2021, as of this writing. In after-hours on Friday, Protagenic Therapeutics Inc. (PTIX) shares plunged 10.16% and closed the weekly trading at $2.21. PTIX shares have fallen 84.09% over the last 12 months, and they have moved up 6.03% in the past week. Over the past three months, the stock has lost 49.80%, while over the past six months, it has declined 11.82%.

Patient enrollment for PTIX PT00114 Clinical Trial delayed

On July 23, 2021, the U.S. Food and Drug Administration (FDA) requested that Protagenic should provide clinical sites with ready-to-inject clinical vials rather than providing site pharmacies with drug substances to be formulated locally, after reviewing its investigational new drug (IND) application.


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As a result of this development, the company expects to refile its IND and commence patient enrollment in the 4th quarter of 2021.

PTIX Participation in the recent investor conferences

Protagenic Therapeutics Inc recently participated in an investor conference themed around investor education and advocacy which was held on July 13 – 15, 2021.

The company also participated at H.C. Wainwright Psychedelics in Psychiatry and Beyond Virtual Conference which was held on June 17, 2021.

Webinar hosting for PT00114

Protagenic Therapeutics, Inc (PTIX) recently hosted a key opinion leader (KOL) webinar focused on PT00114 for the regulation of stress in patients with Depression, PTSD, Anxiety and Addiction on Tuesday, July 13, 2021.

Dr Maurizio Fava, Psychiatrist-in-Chief in the Department of Psychiatry at Massachusetts General Hospital (MGH), provided an overview of the clinical development program for PT00114, which is known scientifically as teneurin C-terminal associated peptide (TCAP), a naturally occurring peptide responsible for the regulation of stress response in the brain.

Closing of PTIX Public offering

On April 29, 2021, Protagenic Therapeutics, Inc closed an underwritten public offering of 3,180,000 units at a public offering price of $4.15 per unit. Each unit is comprised of one share of common stock and one warrant to purchase one share of common stock. Each warrant is exercisable at $4.98 per share and will expire five years from issuance. The company has granted the underwriters a 45-day option to purchase up to an additional 477,000 units at the public offering price less the underwriting discounts and commissions. The common stock and warrants comprising the units separated upon closing of the offering and were issued separately.

Conclusion

Due to recent update from the FDA, which resulted in delaying of patient enrollment in the PT00114 Clinical trial was the reason behind PTIX stock loss on Friday. we hope that it will commence the new week with positive momentum.

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