NEW YORK, NY / ACCESSWIRE / December 12, 2018 / NeuroMetrix and Moleculin were both up almost 19% in Tuesday’s trading session. Traders were gearing up for Moleculin’s conference call today discussing a recent discovery of a use of one of its molecules for cancer treatment while NeuroMetrix announced an update on its strategic collaboration with GSK Consumer Healthcare.
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Moleculin Biotech, Inc.
NeuroMetrix, Inc. shares were up nearly 19% on almost 1.7 million shares traded on Tuesday. Average trading volume for the stock is only about 61,000 shares. Shares moved higher on a press release from the company regarding NeuroMetrix's strategic collaboration with GSK Consumer Healthcare. As per the press release, "Under terms of the collaboration entered into in the first quarter of 2018, the parties committed to co-fund future development of Quell® technology beginning in 2019, subject to agreement on an annual program of product initiatives. The Company reported that agreement has been reached on the 2019 development program and it will commence in January 2019." Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix stated, "We are pleased with the progress in our working relationship with GSK Consumer Healthcare. Both parties are committed to our shared goal of making the Quell technology available on a global basis."
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Moleculin Biotech, Inc. shares were up 18.70% on nearly 6 million shares traded on Tuesday. Average trading volume for Moleculin is just under 200,000 shares. The clinical stage pharmaceutical company announced a reminder yesterday that it will host a conference call to discuss the recent discovery of use of one of its molecules for cancer treatment and provide a business update today. Moleculin's clinical stage drugs are Annamycin, an anthracycline designed to avoid multidrug resistance mechanisms with little to no cardiotoxicity being studied for the treatment of relapsed or refractory acute myeloid leukemia, more commonly referred to as AML, and WP1066, an immuno-stimulating STAT3 inhibitor targeting brain tumors, pancreatic cancer and AML. Earlier this month the company said it had filed a request with the U.S. Food and Drug Administration (“FDA”) for Orphan Drug Status for WP1066.
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