Boston, MA 07/02/2014 (wallstreetpr) – Creative Edge Nutrition Inc (OTCMKTS:FITX) management helped to a stop to the drastic descent of the stock with an overtly optimistic and boastful announcement of a joint venture. The company announced teaming up with RXNB Inc. to offer marijuana liability insurance in the North America market. The idea of a marijuana underwriter appears great as it comes at a time when cannabis industry continues to attract investors who believe that legalization of pot will open up widespread opportunities.
Creative Edge Nutrition Inc (OTCMKTS:FITX) and RXNB will provide insurance protection to licensed producers, dispensaries, grower facilities and medical prescribers. According to the officials of FITX, insurance is critical to the marijuana industry so that players can enjoy the freedom while undertaking their legitimate practice.
Shares of Creative Edge Nutrition Inc (OTCMKTS:FITX) have been hitting high on the news. The shares are up more than 988 percent since the beginning of 2014.
Transcept Pharmaceuticals Inc (NASDAQ:TSPT) has agreed to merge with Paratek Pharmaceuticals in a deal that will see the combined company listed on NASDAQ. Shareholders of Paratek will own a majority stake in the company at 89.6 percent while shareholders of Transcept (NASDAQ:TSPT) will own 10.4 percent of the combined company. The existing shareholders of Paratek will be issued with shares of Transcept, and the former becomes a business subsidiary of the combined entity.
The lead asset in the deal is the Phase III-ready intravenous antibiotic drug candidate.
Shares of Transcept (NASDAQ:TSPT), which are down almost 30 percent since the beginning of this year, gained nearly 20 percent on the back of the positive news.
USEC Inc. (NYSE:USU) received additional funding to the tune of $2.5 million from the US Department of Energy. The additional funding follows a recent development in which the company amended an agreement with a research lab operator.
The original agreement involved a fixed price contract of about $33.7 million running between May 1 and September 30, 2014. The original deal called for the company to receive $6.7 million on a monthly payment plan.
