Asterias Biotherapeutics Inc (NYSEMKT: AST)
Asterias Biotherapeutics is having an incredibly strong start to the day today in the pre-market hours, and for a good reason. The company offered a positive update with regard to a clinical trial early this morning. Below, we’ll talk about what we’re seeing from AST, why, and what we’ll be watching for ahead.
What We’re Seeing From AST
As mentioned above, Asterias Biotherapeutics is having a great time in the pre-market trading hours this morning. Early this morning, the company released an update with regard to data from a recent clinical trial. As soon as the data was released, the stock started to run. At the moment (9:03), AST is trading at $3.80 per share after a gain of $0.62 per share or 19.50% thus far today.
Why The Stock Is Gaining
Before we dig too deep into the details, it’s important that we give credit where credit is due. Our friends at Trade Ideas were the first to inform us of the gains on AST. As soon as we received the notification, the CNA Finance team started working to see why the stock was making a run for the top. It didn’t take long to dig up the story. The gains are ultimately the result of positive data that was released.
Early this morning, Asterias Biotherapeutics released a press release, in which it informed investors of new clinical data. In the release, the company said that the ongoing SciStar Phase 1/2a clinical trial has confirmed previously announced motor function improvements after 6 months following administration of AST-OPC1. In a statement, Dr. Edward Wirth III, CMO at AST had the following to offer…
“We are excited to see the sixth and final patient in the AIS-A 10 million cell cohort show upper extremity motor function improvement at 3 months and further improvement at 6 months, especially because this particular patient’s hand and arm function had actually been deteriorating prior to receiving treatment with AST-OPC1… We are very encouraged by the meaningful improvements in the use of arms and hands seen in the SciStar study to date since such gains can increase a patient’s ability to function independently following complete cervical spinal cord injuries.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching AST incredibly closely. In particular, we’re interested in following the company’s progress with regard to AST-OPC1. Nonetheless, we’ll continue to follow the story closely and bring it to you as it breaks!
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[Image Courtesy of Wikimedia]