Petros Pharmaceuticals, Inc. (PTPI), a pharmaceutical company, has surged 7.83% in the premarket trading session and consequently is trading at $1.79 at the time of the writing. On Thursday, the stock closed the day at $1.66 after sliding by 9.29% during the regular trading session. The last press release from the company was regarding the launch of studies for STENDRA.
PTPI Initiated Self-Selection Studies
On Tuesday, PTPI announced that it had initiated the two self-selection studies for its erectile dysfunction (ED) drug STENDRA® (avanafil). The company said that the results of eh study would be part of a comprehensive data package that it would submit to US FDA for achieving Over the Counter (OTC) status for STENDRA. A self-selection study is meant to ensure that the consumers could make appropriate decisions regarding the usage of the drug product or not, based on their health circumstances.
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Closing of Offering
On 28th December, PTPI announced the closing of the registered direct offering, and private placement was announced on 22nd December by it. The company generated gross proceeds of approximately $7.5 million from the offering. It said that it intends to use the proceeds for expanding its men’s health platform as well as for general corporate purposes. Katalyst Securities LLC served as the financial advisor to the company about the offering.
Comprehension Study Results for STENDRA
In early December, PTPI reported the positive Over-the-Counter (OTC) draft label comprehension study results for STENDRA®. The study was designed to assess comprehension of a draft STENDRA® Drug Facts Label intended for OTC use. The earlier indicators in the study depicted the positive label comprehension outcomes, which in turn encouraged the company to begin the Self-Selection Study.
Future Outlook for PTPI
During the last month, PTPI stock has declined more than 50%, the reason being the several negative signals associated with the stock, which caused investors to dump the stock. Looking ahead, however, the signals depict the stock would see a positive trend in movement during the next couple of months.
