Shares in Emerald Clinics Ltd (ASX: EMD) have surged nearly 30% in early trade following an announcement from the company. At the time of writing, the Emerald Clinics share price had risen 29.5% to currently trade at 7.9 cents.
What did Emerald Clinics announce?
Earlier today, Emerald Clinics released an announcement which highlighted record appointments in Australia, plans for international expansion and a proposed name change.
Despite the restrictions induced by COVID-19, Emerald Clinics reported a record 795 appointments in July. The company noted continued month-on-month growth in comparison to subdued demand in the majority of health services.
As a result, Emerald Clinics informed investors that the company is actively hiring clinicians in order to meet growing demand for its services. In addition, the company is expanding its remote monitoring capabilities and increasing its data insight platforms.
Emerald Clinics also announced that the company intends to change its name to Emyria Limited. According to the company, the proposed name change is consistent with its global ambitions and rebranding, the latter of which better communicates its scope of practice. The planned name change follows the company's data collaboration with a United Kingdom partner.
What does Emerald Clinics do?
Emerald Clinics is network of specialist and referral only medical clinics. The company's clinicians are trained specialists in the application of unregistered medicines, which include cannabinoid products.
The company also focuses on collecting and developing high quality, real-world evidence (RWE) data. Emerald's RWE data platform aims to improve patient care, identify novel uses for existing therapies and explore the performance of certain medicines.
As a result, the data insights from Emerald's RWE platforms can also be provided to pharmaceutical companies on a subscription payment model.
Emerald Clinics recently signed with Spectrum Biomedical, a UK-based subsidiary of the world's largest cannabis company Canopy Growth Corp. Under the agreement, Emerald will design and deliver RWE focused on the safety and clinical outcomes of cannabis-based medicines produced by Spectrum.
Foolish takeaway
At the time of writing, the Emerald Clinics share price is trading nearly 30% higher at 7.9 cents. Shares in the company were up nearly 40% earlier today after hitting an intra-day high of 8.5 cents.
