Benzinga | Sep 30, 2020 10:53AM EDT

Why Allena Pharmaceuticals Is Trading Higher Today

Allena Pharmaceuticals (NASDAQ:ALNA) shares are trading higher on Wednesday after the company announced a $25 million strategic convertible debt financing agreement with Pontifax Ventures.

Allena Pharmaceuticals is a late-stage clinical biopharmaceutical company engaged in developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders.

Allena Pharmaceuticals shares traded up 27.50% to $1.54 on Wednesday at the time of publication. The stock has a 52-week high of $6.30 and a 52-week low of 52 cents.