Moleculin Biotech Inc (NASDAQ: MBRX) is having an incredibly strong start to the trading session this morning, and for good reason. The comapny announced a clinical update, exciting investors and sending the stock up. Today, we’ll talk about:
- The update;
- what we’re seeing from MBRX stock as a result; and
- what we’ll be watching for ahead.
MBRX Stock Gains On Clinical Update
As mentioned above, Moleculin Biotech is having an incredibly strong start to the trading session this morning after the company provided a clinical update. The update came by way of press release early this morning.
In the release, MBRX announced that it recently recruited 3 patients in the past 6 weeks in Poland. This is key as it took the company aboiut a full year to build a similar complete cohort in the United States.
In the release, it was announced that the company’s Annamycin compound has already shown promising results in one of the patients with acute myeloid leukemia, also known as AML. This patient is now in remission, making them eligible for a bone marrow transplant.
Moreover, the company has begun to identify more patients in Poland for the next cohort of the same trial and two more patients for its WP1220 topical treatment of cutaneous T-cell lymphoma.
In a statement, Walter Klemp, CEO at MBRX, had the following to offer:
The clock is ticking for many patients suffering from hard-to-combat cancers. For a smaller pharmaceutical company with a promising roster of drug candidates for targeting these highly resistant tumors, speed in launching trials is critical. We feel lucky to have found a well-established medical community where access to patients is easier and faster. If the promising results continue, we look forward to getting our drugs into the hands of such patients much sooner.
While the response of a single patient doesn’t necessarily predict the outcome of the trial, this is a great way to begin and it’s consistent with our expectations for Annamycin. We have seen no evidence of cardiotoxicity in any of the patients treated thus far and intend to advance the clinical study of Annamycin with the goal of ultimately demonstrating the drug’s safety and effectiveness to support regulatory approval in the US and European Union.
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, while we are early in clinical trials in Poland, the interim results seen are incredibly promising. Should all go well and the market hit the market, it could be a source of incredible value for investors. So, it’s not surprising to see that excited investors are pushing the stock ona run for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:02), MBRX is trading at $1.54 per share after a gain of $0.12 per share or 8.45% 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 its strong pipeline of clinical candidates through the development process and to the market. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
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