Protagenic Therapeutics, Inc. (PTIX) shares are gaining on Monday morning trade after the company announced a revenue growth for the first quarter.
Currently, shares are at $3.47, up 62.91 percent from the previous close of $2.13 on a volume of 44,133,748. The shares have traded in a range of $1.84-$4.01 on average volume of 1,116,711.
The company reported net profit of $22.6 million, down from $24.1 million in the previous year. On a per share basis, earnings declined to $0.45 from $0.50 last year.
Revenue for the quarter increased to $219.8 million from $160.7 million a year ago.
The company also announced the closing of an underwritten public offering of 3,180,000 units at a public offering price of $4.15 per unit. Each unit is comprised of one share of common stock and one warrant to purchase one share of common stock.
Looking ahead to the second quarter, the pre-clinical biopharmaceutical company expects revenue in a range of $359-$262 million.
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