Why Immix Biopharma, Inc. (IMMX) stock soared 110% today?

Highlights

  • Immix Biopharma, Inc. (IMMX) stock jumped 110.29% at 9:38 am ET.
  • The company received a Rare Pediatric Disease (RPD) designation for IMX-110.
  • The company launched its IPO on Dec 16, 2021.

Shares of Immix Biopharma, Inc. (NASDAQ: IMMX) jumped more than 110% on Monday after it announced receiving a Rare Pediatric Disease (RPD) designation for its cancer drug IMX-110 from the US Food and Drug Administration (FDA). 

The IMMX stock traded at US$7.70, up 110.29% at 09:38 am ET.

The IMX-110 is used for treating a life-threatening form of pediatric cancer in children called Rhabdomyosarcoma (RMS). The drug is under Phase 1b/2a clinical trial evaluation.

RMS cancer afflicts some 20,000 children in the US. According to experts, RMS’ five-year survival rate is 20% to 30% when it is widely spread in the body.

The RPD designation is given for life-threatening diseases.

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The Los Angles, California-based company, which specializes in tissue-specific therapeutics in oncology and inflammation, may apply to FDA for Priority Review Voucher (PRV) after its new drug application (NDA) for IMX-110 is approved.

The voucher would be useful for Immix Biopharma to get priority review for any of its subsequent marketing applications, which may also be transferred or sold. 

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(Why Immix Biopharma, Inc. (IMMX) stock soared 110%?)

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Stock Performance & Financials

The specialty chemical company has a market capitalization of US$26.9 million.

Its stock price moved between US$6.31 and US$2.85 in the last 52 weeks. It closed at US$3.56, up 9.2%, on Dec 31, 2021.

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The company earned no revenue in the quarter ended June 30, 2021. Its operating expenses were US$0.41 million, and the net loss was US$1.23 million or US$(0.17) per share diluted.

Immix’s trading volume surged to 47,027,735 on Monday compared to its 30-day average of 461,397.

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Bottomline

Amid the pandemic-driven focus on healthcare, the IMMX stock raked in 110% growth since its IPO in December, while Dow Jones US Specialty Chemicals Index gained 4.77% in a month. 

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