Hot stock: iX Biopharma shares surge after Xativa supply pact in Australia

IX BIOPHARMA saw its shares surge as much as 22.4 per cent when the market opened following news of the company formalising a supply agreement with Cannatrek Medical Pty Ltd to supply Xativa in Australia.

The pharmaceutical company's shares rose 0.55 Singapore cent to 30 cents as at 9.01am on Wednesday, compared with a Tuesday closing price of 24.5 cents.

iX Biopharma was also among the most actively traded counters by volume on Wednesday as at 9.03am, with 6.2 million shares traded.

Xativa is a freeze-dried sublingual (under the tongue) medicinal cannabis wafer produced by iX Biopharma. Through the supply agreement, the company will be able to start supplying and distributing the product to pharmacies across Australia, the company said in a regulatory update on Wednesday before the market opened.

Xativa will also be prescribed by medical practitioners to patients through the Special Access Scheme and Authorised Prescriber pathway, administered by the Therapeutic Goods Administration of Australia.

Cannatrek Medical Pty Ltd is a wholly-owned subsidiary of Cannatrek Ltd - a medicinal cannabis enterprise with a national distribution network in Australia.

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iX Biopharma shares were trading at 28 Singapore cents as at 10.48am on Wednesday, up 3.5 cents or 14.3 per cent.