Shareholders of junior biomedical technology group Tissue Therapies Limited (ASX: TIS) have nearly doubled their money today following an encouraging announcement this morning.
Tissue Therapies, which is developing treatments for the healing of wounds such as chronic venous leg ulcers, announced this morning that Queensland University of Technology (QUT) has transferred ownership of all intellectual property related to its VitroGro ECM therapeutic application.
The company's Interim CEO, Mr Nigel Johnson said: "Securing ownership of the IP around our lead application, VitroGro ECM, will provide the market with more certainty around the Company's assets and commercial potential."
His comments were spot on with the market bidding the stock a whopping 94.6% higher to trade at 7.2 cents.
Indeed, Tissue Therapies isn't the only biomedical group soaring today with Orthocell Ltd (ASX: OCC) and Rhinomed Ltd (ASX: RNO) rocketing 11.9% and 16.1% as well.
