Longeveron Shares continue to soar, why?

Longeveron LLC (NASDAQ: LGVN) stocks jumped as high as 135% on Thursday, after FDA’s approval of Longeveron’s Lomecel-B for rare pediatric disease designation.

The company’s stock jumped as high as $8.90 on the announcement, and at the time of writing this article (pre market hours) was hovering at $14.0, up by 104.80% since yesterday. The company went public in February, with a share price of $10. However, the company’s stock price fell to a low of $2.84 on Wednesday as a result of following trial results that disappointed investors. It was the biggest gainer and most active stock on the US exchange yesterday.

Lomecel-B is approved for the treatment of Hypoplastic Left Heart Syndrome (HLHS), a life-threatening heart defect in infants. Following a successful Phase 1 trial, the treatment is currently undergoing a Phase 2 trial.

“We are encouraged by our Phase 1 clinical data, and the progress being made in the ongoing Phase 2 trial. Lomecel-B represents a unique cell therapy approach that could potentially be administered at the same time as surgery in these critically impacted infants,” said Longeveron co-founder and Chief Science Officer Joshua Hare.

About Longeveron

Longeveron Inc. is a clinical-stage biotechnology firm focused on the development of cellular treatments for age-related and life-threatening diseases. The LOMECEL-B is the company’s flagship investigational product, a cell-based therapy developed from culture-expanded medicinal signalling cells taken from young healthy adult donors’ bone marrow. It is now undertaking Phase 1 and 2 clinical trials in ageing frailty, alzheimer’s disease, metabolic syndrome, acute respiratory distress syndrome, and hypoplastic left heart syndrome, among other indications. The corporation was founded in 2014 and is based in Miami, Florida.

Related Posts