In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Novus Therapeutics Inc. (NASDAQ:NVUS) reported that Novartis Bioventures Ltd. has picked up 499,273 of common stock as of 2017-05-16.
The acquisition brings the aggregate amount owned by Novartis Bioventures Ltd. to a total of 499,273 representing less than 7.1% stake in the company.
For those not familiar with the company, Novus Therapeutics, Inc., formerly Tokai Pharmaceuticals, Inc., is a pharmaceutical company. The Company is focused on the acquisition, development, and commercialization of ear, nose, and throat products. It has two platforms: OP-01 Foam Platform and OP-02 Surfactant Program. OP-01 is developed with the intent to be used as a delivery vehicle for drugs treating ears, as well as the nasal and sinus cavities. OP-01 is currently being developed as an improved treatment option for acute otitis externa. OP-02 is a daily nasal spray that is designed to improve and maintain a healthy middle ear. OP-02 is being developed as a potential treatment option for patients with otitis media and Eustachian tube dysfunction. OP-02 is a combination drug product, which comprises two components: surfactant dipalmitoylphosphatidylcholine and a spreading agent cholesteryl palmitate. The product is sprayed through the nostrils toward the opening of the Eustachian tube at the back of the nasal cavity.
A glance at Novus Therapeutics Inc. (NASDAQ:NVUS)’s key stats reveals a current market capitalization of 14.02 Million based on 2.52 Million shares outstanding and a price at last close of $5.90 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-05-10, Flesher picked up 58,959 at a purchase price of $9.99. This brings their total holding to 115,856 as of the date of the filing.
On the sell side, the most recent transaction saw Mcbride unload 13,500 shares at a sale price of $14.01. This brings their total holding to 0.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Novus Therapeutics Inc. (NASDAQ:NVUS) as things move forward to see if its progress aligns with these transactions.
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