Endovia Health Sciences, Inc. (NYSE:EDVA) shares surged 47.83% to $0.34 in after-hours trading Tuesday following the closing of the first tranche of funding from Delaware-registered hedge fund C/M Capital Master Fund, LP.
Capital Backs CannEpil Development Strategy
The Fort Lauderdale-based cannabinoid health sciences company said the funding represents the first tranche of a previously announced investment commitment tied to its exclusive global licensing agreement for CannEpil with Argent BioPharma Limited.
Proceeds will advance CannEpil’s development, including Endovia’s Food and Drug Administration-regulated veterinary program and international commercialization plans.
Brady Cobb, Endovia’s interim CEO, said, “With this initial funding now closed, we are putting capital directly behind that strategy.”
The FDA’s Center for Veterinary Medicine has already established an Investigational New Animal Drug file for CannEpil. Endovia is pursuing the drug for cancer-related pain in companion animals, starting with canine oncology, working alongside development partner Lupvindol Biosciences Ltd.
The company also continues to evaluate international commercialization opportunities and additional cannabinoid formulations for potential licensing or acquisition.
Endovia also cited growing regulatory tailwinds for its strategy.
Trading Metrics, Technical Analysis
Endovia Health Sciences has a market capitalization of approximately $1.61 million. Its stock has traded between a 52-week high of $0.46 and a 52-week low of $0.23.
EDVA has a Relative Strength Index (RSI) of 35.16.
Over the past 12 months, the small-cap biotech stock has fallen 97.37%.
Price Action: EVDA stock closed Tuesday’s regular session at $0.23, down 4.43%, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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