Moleculin Biotech Inc (NASDAQ: MBRX) is having an overwhelingly strong start to the trading session, and for good reason. The company announced that it has received regulatory approval with regard to beginning a clinical trial in the fight against acute myeloid leukemia (AML). Of course, the news excited investors who are sending the stock on a run for the top. Today, we’ll talk about:
- The trial approval;
- what we’re seeing from MBRX as a result; and
- what we’ll be watching for ahead.
MBRX Announces Trial Approval
As mentioned above, Moleculin Biotech is having an incredibly strong start to the trading session this morning, after announcing that it has received approval to commence a clinical trial. In a press release issued early this morning, the company announced that it has received Polish National Office approval required to begin its Phase I/II clinical trial. During the trial, MBRX will be assessing Annamycin as a treatment for relapsed or refractory AML. In a statement, Walter Klemp, Chairman and CEO at MBRX, had the following to offer:
This approval is a significant step forward to be able to treat additional patients with AML and to generate positive clinical data regarding Annamycin… Consent from the Polish National Office was the final step required to allow us to begin recruiting patients for this important trial. Enrollment will begin immediately and we expect patients to commence receiving treatment, at the appropriate dose, in this clinical trial during the second half of this year.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to invest is that the news moves the market. In the case of Moleculin Biotech, the news proved to be overwhelmingly positive. After all, with the approval from the Polish National Office, the company is set to begin trials in the treatment of AML, bringing it one step closer to the end goal of bringing Annamycin to market. So, it’s no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:04), MBRX is trading at $2.38 per share after a gain of $0.37 per share or 18.41% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MBRX. In particular, we’re interested in following the story surrounding the company’s ongoing work to bring Annamycin to market. After all, today’s news marks a major milestone. Nonetheless, we’ll continue to keep a close eye on the story and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!