Shares of Alda Pharmaceuticals Corp. (TSXV:APH) more than doubled Wednesday after the company said U.S. regulators had granted it a drug code, allowing Alda to sell over-the-counter products in the United States.
Alda's stock skyrocketed 19 cents or 115.15 per cent to 35.5 cents on the TSX Venture Exchange after the announcement. The 14,505,863 shares traded made it the most active issue on the venture market.
The Vancouver-based company makes hand sanitizer and disinfectant cleaning products.
Alda's chief executive said in an interview that the approval by the U.S. Food and Drug Administration allows it to "make a product and sell it down in the United States, which actually gives us a foot in the door."
"It's very important for us because our medium-term strategy is to get registrations in other countries, based on our Canadian registrations."
Alda was the exclusive supplier of hand sanitizer and disinfectant cleaning products at the 2010 Winter Olympics.