This pharmaceutical company got great news about its cancer-fighting drug and now the stock is up over 300%

A small biopharmaceutical company just got great news on a new drug and the stock is up an absolutely staggering amount.

Celator Pharmaceuticals announced late Monday that its drug, Vyxeos, which treats a type of blood cancer tested well and was being prepared for submission to the Food and Drug Administration.

“Based on these results the company expects to submit a New Drug Application (NDA) for VYXEOS with the U.S. Food and Drug Administration (FDA) later this year and submit a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) in the first quarter of 2017,” said a release from the company.

Vyxeos shows positive results in reducing mortality rates over 60 days in patients with High-Risk Acute Myeloid Leukemia (AML) to 13.7% from 21.2% in the control.

In response to the news, the stock shot up opening up over 386% on Tuesday. While it is a small company, its market cap is now just under $300 million and an increase of over 300% for any stock in a single day is staggering, no matter the size.

This is huge news for investors obviously, but even better news for patients with AML.

(h/t Bespoke Investment Group)

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