A New Jersey-based biotech stock absolutely ripped today after it announced that the company received Fast Track designation from the U.S. Food and Drug Administration (FDA) for GEN-1, its DNA-mediated interleukin-12 immunotherapy. Celsion Corporation’s (NASDAQ:CLSN) GEN-1 is currently in Phase II development for the treatment of advanced ovarian cancer.
Celsion Corp is active in the biotechnology market. The company acts as a drug developer with product candidates like ThermoDox, a heat-activated liposomal encapsulation of doxorubicin. It is in Phase III clinical trial for the treatment of primary liver cancer and a Phase II clinical trial for the treatment of recurrent chest wall breast cancer. Its pipeline also includes GEN-1, a deoxyribonucleic acid (DNA) mediated immunotherapy for the localized treatment of ovarian and brain cancers.
Traders were extremely enthusiastic on the positive news as shares traded up to a session high of $3.25/share (+71%) following the headline. This move snapped a recent pullback and propelled the stock back into its uptrend that it has been riding for months.