Ainos, Inc. (NASDAQ: AIMD) is engaged as a diversified medical technology company, which is focused on developing innovative point-of-care testing and treatment solutions for a wide range of diseases. Shares of the medtech company are skyrocketing 61% through early trading on Tuesday, March 14, 2023. Over the past three months, Ainos has seen average daily volume of 6,450 shares. However, volume of 41.53 million shares or dollar volume of around $51.91 million, has already exchanged hands through early trading.
Shares of Ainos is surging after the company announced it has signed a Memorandum of Understanding (MoU) with Merdury Biopharmaceutical Corp., a Taipei-listed company, to explore and develop a strategic business relationship. The MoU will specifically focus on Ainos’ VELDONA drug candidate for the treatment of oral warts in HIV-seropositive patients and evaluating plans for launching a Phase 3 study of the experimental drug.
Under the agreement, both entities will work to evaluate the feasibility of a potential investment and participation from Merdury to complete a Phase 3 clinical trial of VELDONA. Ainos and Merdury say they will also review and explore Ainos’ potential licensing of Merdury’s new drug development platform technology, as well as expanding partnerships to assist with the authorization and sale of Ainos’ drug candidates.
Chun-Hsien Tsai, Ainos’ Chairman of the Board, President, and Chief Executive Officer, commented, “We are pleased to sign this MoU and begin exploring a potential strategic partnership with Merdury. We look forward to building a successful relationship that delivers sustainable value for our shareholders.”
The MoU news comes just one day after Ainos disclosed raising $3 million in convertible notes from a private placement. The notes have a duration of two years with a 6% annual interest rate. Furthermore, both notes carry a conversion price of $1.50 per common share. Management noted the proceeds of the private placement will provide additional capital needed to “advance the monetization of our innovative product pipeline.”
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