Fate Therapeutics Inc (NASDAQ: FATE)
Fate Therapeutics is having an incredible time in the pre-market hours today. The gains come for good reason too. Early this morning, the company announced FDA clearance with regard to an investigational new drug application. Below, we’ll talk about the news, what we’re seeing from FATE as a result, and what we’ll be watching for ahead.
FATE Gains FDA Clearance
As is usually the case, our partners at Trade Ideas were the first to alert us of the gains on Fate Therapeutics. As soon as we received the alert, the CNA Finance team started working to see why the stock was making a run for the top. It took what seemed like no time at all to dig up the story. Ultimately the gains are the result of FDA clearance.
Early this morning, FATE announced that the FDA has cleared an investigational new drug application for FATE-NK100. The company has been working on the treatment as a first-in-class adaptive memory natural killer cell product candidate. It expects that the first-in-human clinical trial of the treatment for advanced acute myeloid leukemia (AML) will open enrollment relatively soon at the Masonic Cancer Center, University of Minnesota. The enrollment will take place following the approval of the Center’s institutional review board. In a statement Sarah Cooley, M.D., Associate Professor of Medicine at the Davision of Hematology, Oncology and Transplantation at the Univercity of Minnesota, and the clinical trial’s lead investigator had the following to offer…
“AML patients who relapse or are refractory to front-line therapy have very poor prognoes and very few treatment options, and we have shown that natural killer cell immunotherapy is a safe and efficacious approach to target and durably destroy leukemia cells in these patients… FATE-NK100 is a next-generation immunotherapy that is uniquely tailored to fully realize the anti-cancer activity of natural killer cells, and we are excited to pioneer the clinical investigation of this novel NK cell therapy.”
What We’re Seeing From The Stock
As one would expect, following the incredibly positive news surrounding FATE, the stock is climbing in a big way. In fact, at the moment (9:14), FATE is trading at $5.47 per share after a gain of $0.67 per share or 13.96% thus far today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on Fate Therapeutics. In particular, we’re interested in following the continued work surrounding Fate-NK100 as the candidate moves into the Phase 2 clinical trial. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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