Biomedical products company Alliqua, Inc. (OTCBB: ALQA) was up more than 35 percent on Thursday after the company announced that it completed an initial study for its transdermal pain patch project.

Shares of Alliqua were up as high as 21 cents in morning trading on Thursday, up from Wednesday’s closing price of 17 cents per share.

“The successful outcome of this study validates the progress Alliqua has made in creating a specialized transdermal pain patch based on our proprietary hydrogel technology,” said Alliqua’s president, Richard Rosenblum in a statement.

Alliqua was formerly known as HepaLife Technologies, Inc., and traded under the ticker symbol HPLF. The name change and new ticker symbol was made official on January 5, 2011.