The stock of Aptorum Group Limited (APM) gained in the current market after the company announced that its SACT-1 had been granted an Orphan Drug Designation. APM values at $1.59, gaining more than 30.74% from the previously closed value. At the end of the last trading session, the stock closed at approximately $1.22. The stock volume traded in the previous trading session was around 121.78K shares.
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Reasons for the APM stock gain
The SACT-1, developed by Aptorum Group Limited (APM), has been granted orphan drug designation by the FDA in a press release. It is a small molecule drug repurposed to treat patients with neuroblastoma. Aptorum Group intends to submit an Investigational New Medicine Application, or IND, in 2022. They will start a phase 1b/2a clinical study for SACT-1 in neuroblastoma patients to determine if the drug is effective. SACT-1 is a redesigned small-molecule medication for neuroblastoma. Preclinical experiments found SACT-1 to promote tumor cell death and inhibit MYCN expression. SACT-1 is intended to be used in conjunction with regular chemotherapy.
The company stated that the FDA had given SACT-1 the status of an orphan drug for treating neuroblastoma. It is a breakthrough in developing a drug candidate because it demonstrates both the FDA’s and Aptorum’s commitment to achieving the clinical needs of patients. After completing their Phase 1 clinical trial and the award of a patent for SACT-1, they are currently concentrating on preparing their Investigational New Drug (IND) submission to enter into the exciting Phase Ib/2a clinical trials for SACT-1 in the United States.
The effect on the stock gain
The company’s stock skyrocketed following the news of its drug approval from the FDA. Investors are taking an interest in investing in its stock. After commercialization, the new drug will increase the company’s revenue in the upcoming quarters.
Conclusion
Aptorum Group Limited (APM) is looking forward to getting approval from the FDA to use the treatment on a significant scale in clinical trials. So far, the results are promising, and the company hopes that the results will be positive in the upcoming tests.
