Why Moleculin Biotech Inc (MBRX) Shares Soared Today?
Investors in Moleculin Biotech Inc (NASDAQ:MBRX) should be smiling from ear to ear today following the news that the company has signed a new technology license agreement with MD Anderson Cancer Center based on new patent applications it intends to file relating to its drug Annamycin for the treatment of relapsed or refractory acute myeloid leukemia (AML).
Moleculin shares reacted to the news, jumping nearly 21% to $2.06 in Tuesday’s trading session.
CEO Walter Klemp stated, “In anticipation of beginning our planned clinical trials for Annamycin, one of our priorities has been to ensure the best possible protection for our intellectual property. Some key patent applications had yet to be filed and signing a new license agreement with MD Anderson clears the way for those patents.”
Mr. Klemp continued: “we have benefitted greatly from our collaboration with MD Anderson, and this license helps ensure that collaboration continues.”
Moleculin Biotech, Inc. is a preclinical stage pharmaceutical company, which focuses on the development of anti-cancer drug candidates. Its Annamycin product candidate helps in the treatment of relapsed or refractory acute myeloid leukemia. The company’s preclinical small molecule portfolios focus on the modulation of hard-to-target tumor cell signaling mechanisms; and the metabolism of tumors.