Cytori Therapeutics Inc (NASDAQ: CYTX)
Cytori Therapeutics is having an incredibly strong time in the pre-market hours this morning, and for good reason. The company announced that it has received approval for a key trial. Ultimately, this led to excitement among investors who pushed the stock upward. As is nearly always the case, our partners at Trade Ideas were the first to alert us to the movement. At the moment (8:38), CYTX is trading at $1.85 per share after a gain of $0.48 per share (35.04%) thus far today.
CYTX Receives Trial Approval From The FDA
As mentioned above, Cytori is having an incredible day in the market today after announcing that it has received trial approval from the United States Food and Drug Administration. According to the announcement, the FDA has approved an Investigational Device Exemption for a pilot clinical trial that’s designed to evaluate Cytori Cell Therapy (TM) in patients with thermal burn injury. In a statement, Dr. Marc Hedrick, President and CEO at CYTX, had the following to offer:
“This announcement is yet another milestone achieved as BARDA and Cytori continue to move this technology forward through the development process, from preclinical to clinical implementation… Approval of RELIEF is a major step towards the ultimate goal of making this technology available to our citizens as a national countermeasure against burn injuries potentially including those complicated by radiation exposure.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CYTX. In particular, we’re interested in learning more about the company’s ongoing work in the burn arena and following the RELIEF trial through completion. We’ll continue to follow the news closely and bring the story to you as it breaks!
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