What made Processa Pharmaceuticals stock nearly triple on Thursday?

January 25, 2024 06:29 PM EET | By Invezz
 What made Processa Pharmaceuticals stock nearly triple on Thursday?
Image source: Invezz

Processa Pharmaceuticals Inc (NASDAQ: PCSA) says it has completed a safety evaluation of its cancer treatment. Its shares rallied well over 150% on Thursday.

Processa Pharmaceuticals finishes a Phase 1b trial

The pharmaceuticals company had set out to test the safety tolerability of NGC-Cap – Next Generation Capecitabine in a Phase 1b trial.

Now that it’s done with that study, Processa has selected two dosage regimens for a Phase 2 trial aimed at evaluating the combination of its PCS6422 enzyme inhibitor and Capecitabine (common chemotherapy) in the treatment of metastatic breast cancer.

In November, the Hanover-headquartered firm said it lost $2.08 million in its third quarter versus $6.02 million in the same quarter last year.

Processa Pharmaceuticals stock is still down close to 70% versus its high last month.

Processa Pharmaceuticals stock recently had a reverse split

The news arrives only days after the U.S. Food and Drug Administration (FDA) said Processa should focus the Phase 2 study of next-gen capecitabine on breast cancer. David Young – its president of R&D said in a press release today:

This [study] suggests NGC-Cap can distribute more 5-FU to cancer cells, potentially forming more cancer-killing metabolites that has shown to improve the cancer-killing effect of NGC-Cap.

Last week, the pharmaceutical firm moved ahead with a 1-for-20 reverse stock split to regain compliance and remain listed on Nasdaq. $PCSA also proposed equity offering earlier this month.

Wall Street currently has a consensus “hold” rating on Processa Pharmaceuticals stock that does not pay a dividend at writing.

The post What made Processa Pharmaceuticals stock nearly triple on Thursday? appeared first on Invezz


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (“Kalkine Media, we or us”) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalized advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.

Sponsored Articles