Biotech Stock Soars Following Oversubscribed $100M Private Placement Announcement

(MENAFN- Yolo Wire) A %Biotech company based out of North Carolina caught a staggering amount of attention on Tuesday after the company announced an oversubscribed $100 million Private Placement. Seeing that the total market cap of the company itself was sub $8 million at the time of writing, it’s no wonder that traders were quick to buy up shares of %TenaxTherapeutics Inc. (Nasdaq: $TENX).

This micro cap quickly traded up to $5.15/share (+76.37%) at the early session high, which was partially likely do to the overall rebound in equities seen across the board on Tuesday. Be sure to add this exciting biotech to your watchlist!

Tenax Therapeutics, Inc., is a specialty pharmaceutical company focused on identifying, developing, and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need. The Company has a world-class scientific advisory team including recognized global experts in pulmonary hypertension. The Company owns North American rights to develop and commercialize levosimendan and has recently released topline data regarding their Phase 2 clinical trial for the use of levosimendan in the treatment of Pulmonary Hypertension associated with Heart Failure and preserved Ejection Fraction (PH-HFpEF).

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