By Josh Beckerman
DMK Pharmaceuticals shares more than doubled, to $1.13, Tuesday as the company received a Canadian patent for an opioid intended to treat drug addiction.
Shares are down about 89% this year. The stock closed at 45 cents on Monday.
According to an abstract, the “present invention relates to a method of treating drug addiction and reducing dependence or tolerance on a dependence-inducing opiate drug.”
DMK was known as Adamis Pharmaceuticals until early September. The company sees several potential milestones for its lead clinical stage compound, DPI-125, by the end of 2024, such as the manufacture of a skin-based delivery system and the results of a safety study compared to fentanyl.
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