The Cosmos Holdings Inc (NASDAQ: COSM) stock price rallied 29.3% during premarket trading as investor interest in the stock remained high following two crucial announcements made last week on Tuesday and Friday.
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The international pharmaceutical company reiterated its belief in its financial strength noting that its CEO Greg Siokas had participated in all the recent capital raises conducted by the firm in a show of confidence in the company’s future.
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Cosmos Health has conducted two capital raises this year in February and October with total proceeds of $13.5 million. The company’s CEO has participated in each of the capital raises. The company expects its debt to decline by 50% by the end of theyear.
Greg Siokas, Cosmos Health CEO, added: “I am excited to see Cosmos emerge in to in a stronger financial position. We have had two successful capital raises in 2022, both of which I happily participated in for a combined amount of $3 million. Since 2019, I have invested over $10.6 million at an average price of $5.25 of my personal assets in Cosmos, as I have always believed in its growth and profitability prospects. My interests have always been and will continue to be aligned with those of shareholders, and I am constantly working to make sure shareholder value is realized. Given our new financial stability, I am hopeful about the future of Cosmos and our ability to rapidly grow as an international health and wellness company with multiple strong brands.”
The company also announced on Friday that its CCX0722 treatment for obesity and weight managementhad entered the development stage. The drug is based on 3D spatial filters made from natural ingredients that are effective at weight reduction.
Spatial fillers are hydrophilic biopolymer grids capable of absorbing and retaining large amounts of water or biological fluids. Administration of CCX0722 is expected to reduce food intake by increasing satiety and reducing appetite.
Investors cheered the news on Fruday as evidenced by the 34.5% rally registered on Friday. Over 25 million COSM shares had changed hands at the time of publishing, showing that investor interest in the stock was pretty high.
*This is not investment advice.
Cosmos Holdings (COSM) stock price.
The Cosmos Holdings stock price rallied 29.27% premarket to trade at $0.6916, rising from Friday’s closing price of $0.5350
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