Moleculin Biotech Inc (NASDAQ: MBRX) is having an incredibly strong start in the market today with gains over 50%. The gains are ultimately the result of a press release that was issued this morning in which the company announced a big breakthrough in the treatment of cancer. As we would expect, the news excited investors, sending the stock on a sprint toward the top. Today, we’ll talk about the breakthrough, what we’re seeing from the stock, and what we’ll be watching for with regard to MBRX ahead.
MBRX Announces Breakthrough Molecule
As mentioned above, Moleculin Biotech is having an overwhelmingly strong start to the trading session this morning after issuing a press release this morning surrounding a breakthrough. In the release, the company announced that, pursuant to its continued collaboration with MD Anderson, the company has developed and licensed what it believes to be a breakthrough in the treatment of cancer. According to the release, preclinical testing has shown that this potential breakthrough molecule selectively kills highly resistant tumors. In a statement, Walter Klemp, Chairman and CEO at MBRX, had the following to offer:
We believe our unique approach to develop immuno-stimulating STAT3 inhibitors just took a major step forward… Our WP1066 portfolio has already resulted in multiple collaborations with some of the most prestigious cancer centers in the world and now this new discovery could dramatically improve our ability to treat a broader range of the most difficult cancers, and especially pancreatic cancer.
The above statement was followed up by Dr. Don Picker, Chief Science Officer at MBRX. Here’s what Dr. Picker had to offer:
The scientific community recognizes the potential for small molecule immuno-stimulating STAT3 inhibitors to become a game-changer for treating cancer patients. We believe this discovery may not only dramatically improve our ability to develop and deliver such therapies, it may also help support a new mechanistic understanding of oncogenic transcriptional activity. Specifically, we now have preclinical evidence to suggest we are capable of controlling a process known as ‘ubiquitination’ to block the activated form of STAT3, an important oncogenic transcription factor. The study of the role of ubiquitination in cancer is cutting edge science and appears to hold great promise. And, given the desperate lack of treatment options for indications like pancreatic cancer, we believe clinical researchers across the country have been eagerly awaiting a breakthrough like this.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that it’s important to keep a close eye on the news. After all, the news moves the market, and in this case, the news proved to be overwhelmingly positive. So, it’s no surprise that shares of Moleculin Biotech are running for the top today. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:45), MBRX is trading at $2.82 per share after a gain of $1.00 per share or 54.67% thus far today.
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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 continued advancements in the treatment of cancer, and we’re excited to learn more about the new molecular breakthrough that was announced today. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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