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NKGen Biotech (NASDAQ:NKGN) stock is taking off on Monday after the clinical-stage biotechnology company got an update on its Phase 2 clinical trial.
The company says that its Safety Review Committee has given it the go-ahead to start its Phase 2 clinical study of SNK01. This is a drug in development by the company to treat moderate Alzheimer’s.
This comes after it reported stellar results from its Phase 1 clinical trial. That includes improved or maintained cognitive abilities after four doses. There were also no adverse effects from the treatment.
This new trail will have NKGen Biotech treating a larger number of patients and for a longer period of time. That will result in 20 patients getting 20 doses of SNK01 while 10 get 10 placebo doses.
NKGen Biotech chairman and CEO Paul Song said the following about the news.
“We are also very encouraged with the clinical progress we have made to date in moderate Alzheimer’s disease research and look forward to generating additional significant clinical and biomarker data from our randomized placebo-controlled Phase 2 trial.”
NKGN Stock Movement Today
With this news comes heavy trading of NKGN stock on Monday. That has more than 26 million shares on the move as of this writing. This is well above its daily average trading volume of 3.7 million shares.
NKGN stock is up 54% as of Monday morning.
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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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