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.