Scinai more than doubles after Italian approval for biotech acquisition

U.S.-listed shares of Scinai Immunotherapeutics 2F5y.F, SCNI.O rise 104% to $5.15

Stock set for its best day on record, if gains hold

Co says it received Italian government's clearance to potentially acquire Italian biotech firm Pincell, which is developing novel antibody to treat severe skin conditions

Approval removes major regulatory hurdle for acquisition but does not finalize deal, SCNI says

Scinai plans to acquire 100% of Pincell's share capital and voting rights

Acquisition, initially agreed in March, still requires meeting additional conditions before completion, co says

Pincell's lead drug, antibody PC111, is being developed to treat rare and severe skin disorders

Including session's moves, SCNI up 54.3% YTD