Genprex Inc. (NASDAQ: GNPX) was one of the top gainers in Wednesday’s session, sustaining the momentum that started earlier in the week. This followed the company’s announcement that, it had received FDA fast track designation for its gene therapy for treating lung cancer.
While announcing this, CEO Rodney Varner stated that the company was thrilled to receive the FDA designation. He added that, the designation facilitated the treatment’s path towards getting approved. He further added that, the designation validated the company’s plans to commercialize this therapy for the treatment of lung cancer. He also stated that, the company hoped that the fast track designation will help the company take its gene therapy to patients at a faster rate, and that this therapy will be more recognized as a potential treatment for cancer treatment.
The therapy Genprex Oncoprex, when combined with EGFR inhibitor, holds lots of potential for the company. In 2018, EGFR inhibitor osimertinib had global sales of $1.86 billion. This rose to $2.31 billion in 9 months in 2019 financial year. It was AstraZeneca’s highest-earning product in 2019 in the treatment of Non-small cell lung cancer that had EFGR mutation that didn’t show signs of slowing down, even when treated with osimertinib. Oncoprex is made up of tumor suppressor candidate 2 genes in combination with a lipid nanoparticle.
In its phase 1 and 2 clinical trials, Geneprex was used to treat over 50 patients suffering from lung cancer. From these trials, the company stated that, it was encouraged, in terms of the treatment’s results on safety and efficacy.
Looking at its price action, the stock rallied by 64.35% to close the day at $1.89. Volumes in the day stood at 41.37 million.
About Genprex Inc.
Genprex Inc. is a gene therapy company that focuses on developing cancer treatments. It is based in Austin, Texas.