Why Is ARTL Stock Soaring Today?

• Artelo CEO Gregory D. Gorgas on Tuesday stated that the interim data in the Phase 2 trial of ART27.13 is encouraging.
• Artelo added that ART27.13 is currently under investigation as an orally administered agent for the treatment of glaucoma in an externally funded Phase 2 study.
• The company is also developing ART27.13 as a potential companion therapy to preserve muscle in patients undertaking GLP-1 treatment.

Artelo Biosciences Inc. (ARTL) shares soared more than 21% in Tuesday’s pre-market trade before losing most of the gains to hover about 4% higher in the day’s opening trade after the company announced that it has regained compliance with Nasdaq’s listing requirements.

Artelo stated that the Nasdaq sent a letter confirming the company is in compliance with the exchange’s rule requiring a minimum of $2.5 million in stockholders’ equity and another rule requiring an annual shareholders’ meeting.

The company stated that, in accordance with Nasdaq’s listing rules, Artelo will be subject to a mandatory panel monitor for a period of one year from the date of this letter.

Retail sentiment on Stocktwits around Artelo Biosciences trended in the ‘bearish’ territory at the time of writing.

Artelo CEO Says ART27.13 Interim Data Is Encouraging

Artelo CEO Gregory D. Gorgas stated on Tuesday that the interim data from the Phase 2 trial of ART27.13 is encouraging.

“With this matter behind us, we remain focused on disciplined execution across our portfolio, including progressing potential partnership negotiations with ART27.13 boosted by the encouraging Phase 2 CAReS interim data suggesting its potential for mitigating or reversing the effects of cancer anorexia-cachexia syndrome,” he said.

Artelo added that ART27.13 is currently under investigation as an orally administered agent for the treatment of glaucoma in an externally funded Phase 2 study.

Artelo Expands ART27.13’s Development

The company announced last month that it had expanded development of ART27.13 as a potential companion therapy to preserve muscle in patients undergoing glucagon-like peptide-1 (GLP-1) receptor agonist therapy.

Artelo cited observations among patients with cancer anorexia and cachexia showing improvements in lean body mass and physical activity during ART27.13’s Phase 2 trial.

The company also closed an $11 million private placement of 3.2 million shares last week, which it intends to use toward the repayment of certain bridge debt and to meet other working capital requirements.

ARTL stock is up 84% year-to-date, but down 58% over the past 12 months. The Vanguard Extended Market Index Fund ETF (VXF) is up 35% over the past 12 months.

Also See: Dow Futures Fall Over 200 Points Amid Ongoing US Strikes Against Iran, While Trump’s Tuesday Deadline Draws Closer

For updates and corrections, email newsroom[at]stocktwits[dot]com.