Moleculin Biotech Inc (NASDAQ: MBRX) is having a great day in the market today, and for good reason. The company announced the successful expansion of a clinical drug program.
As you could imagine, the news excited investors who are pushing the stock on a run for the top. Today, we’ll talk about:
- The successful drug program expansion;
- what we’re seeing from MBRX stock as a result; and
- what we’ll be watching for ahead.
MBRX Announces Drug Program Expansion
As mentioned above, Moleculin Biotech is having a great start to the trading session this mroning after announcing a drug program expansion. The announcement came by way of press release early this morning.
In the press release, MBRX said that it has successful expanded the clinical supply of Annamycin. The expansion surrounds the company’s ongoing clinical trials through BSP Pharmaceuticals in Latina, Italy.
In a statement, Walter Klemp, Chairman and CEO at MBRX, had the following to offer:
Securing production supply for a liposomal anthracycline like Annamycin is no trivial matter, which is why we partnered last year with a quality supplier like BSP, who will be able to supply Annamycin in commercial quantities going forward.
They have worked diligently to establish production capability and are now supplying our Annamycin drug for our clinical trials in the U.S. and the EU. We believe having a partnership with a pharmaceutical manufacturer the caliber of BSP mitigates our development risk and better positions us to further advance the clinical development of Annamycin as we work to develop effective solutions for the treatment of acute myeloid leukemia.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Moleculin Biotech, the news proved to be overwhelmingly positive.
After all, the expansion will assist in the continued development of the treatment. As development progresses, the company comes closer and closer to a potentially strong revenue generating product.
Considering this, it’s not surprising to see that excited investors are pushing the stock for the top in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:13), MBRX is trading at $1.04 per share after a gain of $0.085 per share or 8.89% 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 work to bring Annamycin to market. Nonetheless, w’ell keep a close eye on the story and bring the news to you as it breaks!
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