Galera Therapeutics Inc (NASDAQ: GRTX) is now trading above its IPO price after a crash immediately after going public. The stock went public at an offer price of $12, but went on to trade at sub $9 levels. However, it has since recovered, and in Friday’s trading session, it closed the day at $13.73.
Since going public, the company has made a series of positive announcements. On the 5th of December, it announced the full results from 223 patients that took part in a randomized, double-blind phase 2b clinical trial for its lead candidate GC4419 had been published in the Journal of Clinical Oncology. This is a journal by the American Society of Clinical Oncology.
The publication named, “Phase IIb, randomized, double-blind trial of GC4419 versus placebo to reduce severe oral mucositis due to concurrent radiotherapy and cisplatin for head and neck cancer” stated that, the addition of 90mg dosage of GC4419 to a standard regimen of radiotherapy leads to a significant reduction in the presence of severe oral mucositis by 92%. In absolute terms, it reduced from 19 days to 1.5 days. It also leads to an improvement in SOM incidence.
Commenting on the published data, the company CEO, Mel Sorensen stated that, they were pleased with the data. He added that, the data was a reinforcement of GC4419’s potential to make a difference in the treatment of head and neck cancer patients that were also suffering from severe oral mucositis.
On top of this news, the company released its Q3 results on the 10th of December. The company announced that, its R&D expenses stood at $11 million in Q3, significantly higher than the $4.2 million it reported in the same period a year ago. It attributed this to the development costs of GC4419 and GC4711. Cash and cash equivalents in the quarter stood at $67.9 million.
Looking at its price action in Friday’s session, the stock traded between a low of $13.22 and a high of $14.68 before closing the day at $13.73. Volumes in the day stood at 29.77k.
About Galera Therapeutics Inc
Galera Therapeutics Inc is a Biotech Company that develops and sells treatments for radiotherapy in cancer. It is based in Malvern, Pennsylvania.