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Nascent Biotech Inc. (OTCMKTS:NBIO) Gets Milestone Payment: Stock Flat

Madison Hall , , , ,

Shares of Nascent Biotech Inc. (OTCMKTS:NBIO) have been moving within a narrow range over the past few sessions.

Market Stats

On Wednesday, NBIO stock fell 2.50% to $0.0490 with more than 60K shares, compared to its average volume of 56K shares. The stock moved within a range of $0.0490 – 0.0550 after opening trading at $0.0550.

Nascent Biotech Receives $750k Milestone Payment from BioRay Pharmaceutical

Nascent Biotech, Inc. (OTCMKTS:NBIO) announced on February 23, 2022, about receiving a payment of USD $750,000 from BioRay Pharmaceutical, Ltd. as per the Licensing Agreement established between the two companies in May 2021.

This is the second payment according to the Agreement. It gives exclusive rights to commercialize Nascent’s monoclonal antibody, Pritumumab, in international markets, apart from North America and Central America. The company is set to receive a total of USD $5,000,000, to be paid out according to previously determined milestones.

Initial payment was of USD $1,000,000 and received on April 20, 2021. The second payment of USD $750,000 was given to Nascent as it entered the third cohort in Nascent’s first Phase 1 clinical trial of Pritumumab. The company is focused on the development of monoclonal antibodies targeting treatment of various cancers and viral infections. Sean Carrick, CEO of Nascent Biotech, is hopeful about Pritumumab’s potential as a promising treatment for cancer. 

A third payment of USD $2,500,000 is still due, and will be received once the FDA gives the go-ahead to conduct a Phase 2 clinical trial of Pritumumab. The last and final payment of USD $750,000 is to be received once the Phase 2 clinical trial actually commences.

Key Quote

“There continue to be significant unmet medical needs across a variety of cancers,” remarked Sean Carrick, CEO of Nascent Biotech. “We are highly encouraged by Pritumumab’s potential as an innovative, first-in-class treatment candidate, and we are delighted to be working closely with BioRay in this collaboration.”

Traders Corner

NBIO stock is trading below the 20-Day and 50-Day Moving averages of $0.0516 and $0.0562 respectively. However, the stock is trading below the 200-Day moving average of $0.758.

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.