BioPath (NASDAQ:BPTH) stock is soaring higher on Tuesday after revealing an update on its Investigational New Drug (IND) application for BP1002.
The U.S. Food and Drug Administration (FDA) has cleared BioPath to move forward with an initial Phase 1/1b clinical trial of BP1002. This is a drug in development by the company designed to treat patients suffering from refractory/relapsed acute myeloid leukemia (AML).
According to BioPath, BP1002 has the potential to treat patients that might suffer negative effects from venetoclax. This is the standard of care for patients with AML that aren’t for intensive chemotherapy.
Jorge Cortes, M.D., director of the Georgia Cancer Center and chairman of the BioPath Scientific Advisory Board, said the following about today’s news boosting BPTH stock higher.
“We are excited to move into these advanced clinical studies and look forward to generating data that not only support the DNAbilize platform but bring us one step closer to bringing these potentially lifesaving drugs to patients.”
BioPath notes that it plans for the Phase 1/1b clinical trial will take place across several leading cancer centers in the U.S. That includes Weill Medical College of Cornell University, The University of Texas MD Anderson Cancer Center, and the Georgia Cancer Center.
BPTH is getting extra attention from traders today with heavy trading. As of this writing, more than 59 million shares of the stock have changed hands. That’s an impressive surge compared to the company’s daily average trading volume of about 200,000 shares.
BPTH stock was up 13.2% as of Tuesday afternoon.
Investors looking for more stock market news today will want to stick around.
InvestorPlace has the latest news that traders need to know about today. That includes what’s happening with PolarityTE (NASDAQ:PTE), Vinco Ventures (NASDAQ:BBIG), and Bio-Path (NASDAQ:BPTH) shares today. You can learn all about that at the links below!
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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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