Suda blames Biotron comparisons on Twitter for 60pc share price spike
Health & Biotech
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Viagra mouth spray maker Suda had to explain why its stock shot up 60 per cent on Wednesday — and it believes it was caused by Twitter.
The company’s stock shot up to 0.8c with about $1.3 million worth of shares traded.
It pointed to tweets by Twitter users Vontrader and Treasurehunter comparing Suda (ASX:SUD) to HIV-hopeful Biotron (ASX:BIT).
Biotron’s share price began to rocket after it announced positive clinical trial results for its HIV treatment.
“Neither Treasurhunter or Vontrader are related parties of the company,” Suda insisted.
“The company does not know who “Treasurehunter” and “Vontrader” are and had no involvement in the tweets.
“The company is aware that Biotron recently undertook a capital raising managed by CPS Securities, the same broker that the company used for its recent rights issue, and that Biotron’s securities have recently significantly increased in trading price.”
Suda said in July that it’s narrowed its approach to deals and had 12 term sheets on the table.
In September they said two licence agreements were in place for insomnia drug ZolpiMist — the drug Tiger Woods had in his system when arrested for driving offences in May last year (and to spice up his love life back in 2009) — with Eddingpharm for China and Teva Pharmaceuticals for Brazil, Chile and Mexico with options for Argentina, Israel and Australia.