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Aytu Bioscience Inc (NASDAQ:AYTU) Consolidates After Delayed Announcement

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One of the pharmaceutical stocks that have been in focus among investors over the past weeks has been that of Aytu Bioscience Inc (NASDAQ:AYTU). The stock has and interesting story and has rallied by as much as 20% over the course of the past three weeks. Its worth while for investors to take a look deeper at the recent events.

Major Developments

On Thursday the company made a major announcement regarding its fourth-quarter earnings conference call. Aytu announced that the conference call that was scheduled for September 24 was going to be rescheduled. The conference call was supposed to have been hosted at 4:30 P.M. ET on Thursday.

The move to reschedule came about since Aytu would need more time in order to prepare the financial statements due to a rise in workload. The company’s acquisition of Innovus Pharmaceuticals and the necessity to abide by a schedule adhering to the coronavirus related protocols has increased workload considerably.

Anxious Shareholders

Aytu stated that it is going to make another announcement in which it will specify the rescheduled date and time for the conference call. The call is going to be hosted by the Chief Executive Officer and Chairman of Aytu Josh Disbrow. The company expects its fourth-quarter revenue to break previous records.

However, that’s not all. The company has been in the news in recent weeks for another reason as well. Earlier this month, Aytu signed a distribution agreement that will allow it to distribute the Pinnacle CovID RAD Rapid Antigen Detection Test globally.

It is a major deal for the company and considering the fact that cases are on the rise again, there is expected to be a significant demand for rapid testing kits.

The test can deliver a result in as little as fifteen minutes. Pinnacle is also making an effort to scale up its manufacturing capabilities and plans to produce as many as 25 million tests monthly. Sign up and stay tuned for more developments.

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