BUZZ-Tivic Health Systems rises after deal for late-stage immunotherapy drug

Shares of medical device maker Tivic Health Systems TIVC.O more than double to 49 cents; set to record the largest single-day percentage gain

TIVC says it has acquired exclusive worldwide rights from Statera Biopharma STAB.PK to a late-stage immunotherapy drug called entolimod, which is used for the treatment of acute radiation syndrome (ARS), a condition caused by exposure to high doses of ionizing radiation

The deal includes an initial payment of $1.2 million in equity and $300,000 in cash to Statera

Drug has the potential to be approved by the U.S. FDA within two years - TIVC

The FDA has granted "fast track" and "orphan drug" designation to entolimod for the treatment of ARS - TIVC

The global ARS market is estimated to be valued at $5.2 billion in 2024 with a compound annual growth rate of 5% from 2024 to 2031 - TIVC

TIVC fell 80.7% in 2024