GRI Bio to Sell Legacy Asset, ADAIR, to Aardvark Therapeutics

(24/7 MARKET NEWS) – GRI Bio, Inc. (NASDAQ:GRI) stated, this morning, that it is selling certain assets and intellectual property, outside of Europe and licensor rights for the EU, of the Company that pertain to ADAIR (Abuse Deterrent Amphetamine Immediate Release) to Aardvark Therapeutics, Inc. GRI will receive a modest upfront payment and potential to earn development and commercial milestones up to approximately $80 million, as Aardvark intends to utilize the ADAIR formation technology for the development of certain follow-on pipeline programs.

GRI Bio is trading at $2.97, up $0.32 (+12.0755%), on 1.52M shares traded.

Its 52-week range is $2.5201 to $36.90. If you’re a bottom feeder, this recently hit its 52-week low and there’s a lot potential here, but $3.50 is a key inflection point and, if it can’t get back above that and hold that level, it’s probably best to exit.

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