10:33 AM EST, 11/14/2024 (MT Newswires) -- PharmAla Biotech Holdings ( MDXXF ) was at last look up 5% and nearer to 52 week highs Thursday after saying it has agreed to provide its LaNeo MDMA in exchange for a full and perpetual license to the efficacy and safety data generated by the trial.

"One of the benefits of having a strong product is that, at times, it can generate new and unlooked-for opportunities," said Nicholas Kadysh, CEO, PharmAla Biotech ( MDXXF ). "While the majority of our LaNeo MDMA is sold to research organizations on purely commercial terms, there are occasions where we will consider discounts in favour of intellectual property. This is one of those cases, and we perceive the potential data to be of significant value to the company."

PharmAla aims to finalize the license and data sharing agreement before the end of this year.

PharmAla was last seen up $0.015, to $0.31, compared to a 52 week high of $0.35 on the Canadian Securities Exchange.

Price: 0.31, Change: +0.02, Percent Change: +5.08