Over the course of the past week the Vitality Biopharma Inc (OTCMKTS:VBIO) stock has emerged as one of the more notable gainers in the market and the trend continued on Monday.
The innovative medicine development firm saw its stock soar by as much as 26% yesterday as investors flocked to the stock in a big way. That took its gains for the past week to 35%. In this regard, it should be noted that there was no news about the company yesterday or in the past week. However, the rally might have been triggered by a key announcement from the company back on August 20.
At the time the company had announced that it had signed a definitive agreement with an institutional investor with regards to an equity line financing to the tune of as much as $500,000. It was a significant new deal for the company and one that might have been the reason behind the excitement among investors with regards to the Vitality stock.
At the time, it was announced by the company that it would use the proceeds from this deal to make progress with regards to the development of its flagship candidate VBX 100. The company also seeks to use it for general corporate expenses.