Focussing On The Canadian Stocks That Surged Highest Today: $FRX $MAL $RUP

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Fennec Pharmaceuticals take on the NDA for PEDMARK(TM)

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Fennec Pharmaceuticals Inc. (TSX:FRX) emerged as one of the top gainers in yesterday's trading session. Its stock rose by a 6.57% margin.

The Food and Drug Administration (FDA) has been reviewing the company's New Drug Application (NDA) for PEDMARK(TM) (a unique formulation of sodium thiosulfate) for some time, and send it the Complete Response Letter (CRL). That was of on August 10, 2020. This company's product targets ototoxicity that is linked to the cisplatin chemotherapy in pediatric patients and it is set to be administered through veins.

The Type A meeting is set to be conducted and it will highlight the various steps that should be taken in line with the resubmission of the NDA for PEDMARK(TM). The company reports that a review was conducted and that there were no efficacy or safety issues identified. It also disclosed that there wasn't any need for further clinical data.

Magellan Aerospace cancels the development of A320neo nacelle

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The list of yesterday's top gainers featured Magellan Aerospace Corp. (TSX:MAL) which attained a 5.67% gain in stock.

There was an agreement struck between the company and an undisclosed customer, in which case it was to supply some rotating engine components in some wide-ranging aircraft platforms belonging to the military. The $46.4 million contract is set to be conducted in the company's facility situated in Mississauga, Ontario.

A lot has been happening in the recent times, part of that being the cancellation of the company's plan to develop A320neo nacelle. That was back in late June 2020.It was back in 2017 that Airbus selected Magellan as the designer of its A320neo PW1100G-JM nacelle's exhaust systems. If all moves according to plan, the first unit will enter the service by 2022. The proceeds from this life-of-program contract from the estimates might reach about CDN $200 million. That is the projection within the contract's first ten years.

Rupert Resources talks about the definitive agreement with Trillium

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Yesterday's trading session witnessed the stock of Rupert Resources Ltd. (TSE:RUP) rise to join the league of the top gainers. It reportedly witnessed a 5.28% gain.

The company has moved into a definitive agreement with Trillium, in which case they form an unincorporated joint venture in line with the Gold Centre property. Rupert is set to have a 20% carried Participating Interest whereas Trillium will have an 80% participating interest. Upon the start date of the venture, Rupert will receive about CAD $500,000 common shares from Trillium.

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