Why Is Indaptus Therapeutics (INDP) Stock Up 20% Today?
- Indaptus Therapeutics (NASDAQ:INDP) got an update from the FDA.
- This allows it to move forward with a Phase 1 clinical trial.
- That trial is for Decoy20, which is designed to treat cancer tumors.
Indaptus Therapeutics (NASDAQ:INDP) stock is soaring higher on Thursday following an update from the U.S. Food and Drug Administration (FDA).
The FDA has cleared the pharmaceutical company for a Phase 1 clinical trial to treat patients suffering from advanced solid tumors that other treatments have failed on. The trial will evaluate the safety, tolerability, and preliminary efficacy of Decoy 20. It will start in the second half of 2022.
Decoy20 is designed to work on both innate and adaptive anti-tumor immune pathways with systemic administration. The company notes that it should do so without seeing cytokine release syndromes typical of pre-clinical toxicology studies.
Jeffrey Meckler, CEO of Indaptus Therapeutics, said the following in the news release boosting INDP stock higher.
“We are excited to begin our first in human study of Decoy20, as there is still a significant unmet medical need for patients with advanced solid tumors. This is an important milestone for Indaptus, which brings us one step closer to our goal of demonstrating the utility of a multi-targeted and antigen-agnostic, systemic immunotherapy that primes and activates both innate and adaptive anti-tumor immune responses.”
INDP stock is seeing heavy trading today following the FDA news. That includes some 16 million shares on the move as of this writing. That’s well above the penny stock’s daily average trading volume of only around 40,000 shares.
INDP stock is up 18.8% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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