On July 15, GX’s stock was around $7.78. Nevertheless, after important news, it has skyrocketed on July 16 to $10.2, resulting in a 31% boost. What is the buzz? In January, GX announced that it soon will merge with Celularity, a clinical drugmaker that develops off-the-shelf cell therapies. However, some problems arose: the company needed time to address the questions raised by the Securities and Exchange Commission. But, finally, the merger transaction closed last Friday, prompting the stock jump.
Investors seem to appreciate the prospects for Celularity, and its lead candidate is CYNK-001. Celularity is currently working on the experimental off-the-shelf cell therapy in phase 1 clinical studies that address acute myeloid leukemia and glioblastoma multiforme (an aggressive type of brain cancer).
The stock of the combined company will start trading on the Nasdaq exchange on Monday with the name Celularity and symbol CELU. It plans to have five clinical programs in work by the first half of next year.
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