24/7 Market News Snapshot 23 December, 2024 – Anebulo Pharmaceuticals, Inc. Common Stock (NASDAQ:ANEB)

December 23, 2024

DENVER, Colo., 23 December, 2024 (247marketnews.com) – (NASDAQ:ANEB) are discussed in this article.
Anebulo Pharmaceuticals, Inc. has experienced significant market activity today, with its stock price opening at $1.04 and later surging to $1.21, reflecting a notable gain of 22.22%. This surge follows a previous closing price of $0.99, highlighting strong investor interest and sentiment surrounding the company’s potential. The trading volume reached approximately 512.35K shares, underscoring the heightened interest as Anebulo advances its pharmaceutical innovations.

In conjunction with its market performance, Anebulo has made substantial strides in the development of its lead product candidate, selonabant, aimed at treating acute cannabinoid-induced toxicities. The company recently concluded a Phase 2 proof-of-concept study that demonstrated the effectiveness of oral selonabant in alleviating the central nervous system impacts of delta-9-tetrahydrocannabinol (THC) among 134 adult subjects. Following these encouraging results, Anebulo is preparing to initiate clinical trials for an intravenous formulation of selonabant, with a specific focus on pediatric patients affected by cannabis toxicity.

The company has also received positive feedback from the FDA concerning its strategy for developing the intravenous formulation. During discussions, the FDA emphasized the pressing need for treatment alternatives for children exposed to cannabis, suggesting a collaborative framework to facilitate the program’s progress.

Further bolstering its financial standing, Anebulo successfully completed a private placement offering, raising $15 million through the issuance of 15.2 million shares of common stock. This investment allows the company to enhance its Loan and Security Agreement, providing vital resources for its global development initiatives.

Richie Cunningham, CEO of Anebulo, expressed appreciation for the support from institutional investors, affirming their confidence in the company’s mission. He reiterated the urgency of addressing medical needs in pediatric populations and noted the potential commercial viability of treatments for acute cannabis toxicity in children, as confirmed by a prominent consulting firm. With plans for a Phase I SAD study of intravenous selonabant scheduled for 2025, Anebulo is strategically positioned to advance its solutions in addressing significant healthcare challenges.

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