After having traded flat for the week up until Thursday, the Enzolytics Inc (OTCMKTS:ENZC) stock came into life on Friday and rallied by as much as 16%.
There was no news regarding the company on Friday but it should be noted that back on May 12, Enzolytics announced that it awarded a distribution license to the pharmaceutical entity based out of Europe. By way of this agreement, the European entity is going to distribute the product ITV 1, which is supposed to be marketed as an HIV 1 therapeutic.
The distribution agreement stipulates the European pharmaceutical entity to distribute the product in a range of countries starting from UAE, Indonesia, India, Egypt, North Sudan, Benin and Togo, Philippines, Tunisia, Rwanda, Libya, Uganda, Nigeria, Pakistan, Tanzania, Kenya, and Morocco. Enzolytics is going to be paid $1 million upfront and on top of that, the company is also going to get a 50% stake in a new entity that is currently worth $8 million.