Muscle health and function are important parts of our daily lives, and MYOS Corp (NASDAQ:MYOS) has built a business around this fact. They develop products that help manage cachexia, sarcopenia, and chronic/acute muscle diseases.
Today, shares of MYOS Corp (NASDAQ:MYOS) are up big on news that RENS Technology Inc. has agreed to invest up to $30.375 million in into MYOS. This will be done through a 3,537,037 share purchase that will take place over a 2-year period.
“We are delighted that RENS Agriculture and its affiliates have agreed to make such a meaningful strategic investment in MYOS,” Dr. Robert Hariri, Founder and Chairman of MYOS explained. “This investment will not only bring significant capital to enable growth and expansion of our marketing efforts and research and development, but will also enable us to build a global presence for our products. RENS Agriculture’s leadership team understands MYOS’ vision for muscle health as an important target for bionutrition and biotherapeutics products, and recognizes the global market opportunity that we can achieve through this strategic relationship. All of us at MYOS have enormous respect for RENS Agriculture’s leadership team and see its technology as completely synergistic with our Fortetropin platform.”
The stock is up 66.78% or $1.14 following the news, hitting $2.85 per share. About 1.14M shares traded hands or up 3875.45% from the average. myos has declined 71.03% since May 14, 2015 and is currently downtrending. It has underperformed the S&P500 by 68.41%.
MYOS Corporation is an early development-stage bionutritional and biotherapeutics firm The Firm is focused on the discovery, development and commercialization of products that improve muscle health and function essential to the management of sarcopenia, cachexia and degenerative muscle diseases, and as an adjunct to the treatment of obesity. The company has a market cap of $5.50 million. The Firm has two marketed products: MYO-T12 and Cenegenics Muscle Formula. It currently has negative earnings. MYO-T12 is a myostatin inhibitor, which is distributed by Maximum Human Performance , principally in the United States under the brand name MYO-X to specialty retail and other outlets.