Shares of Fluoropharma Medical Inc. (OTCQB:FPMI) have risen a whopping 37.5% on the news that the company has acquired an exclusive option to license meta-Fluorobenzylguanidine (MFBG). MFBG is an imaging agent which has been acquired from Ground Fluor Pharmaceuticals, Inc. (GFP)
But what is an imaging agent? And why is this good news?
Fluoropharma Medical Inc. MFBG: Why All the Fuss?
Firstly, imaging agents give us information about internal organs, cellular processes, tumors, as well as normal tissue. Like a “dye”, they are injected into the body and can highlight or differentiate internal organs. They are used to diagnose diseases as well as monitor treatment effects.
Secondly, this agent can be used in conjunction with Positron Emission Tomography (PET) to assess neuronal integrity. This, in turn, will play a major role in the diagnosis and assessment of various cancers and cardiovascular disease. In layman’s terms, this MFBG can show us what is going on in a patients body.
Where is MFBG at Now?
MFBG can be produced in large quantities and is currently undergoing clinical assessment in the United States. Ground Fluor Pharmaceuticals founder, Professor Stephen DiMagno, Ph.D., stated: “We are looking forward to seeing our novel fluorination chemistry advanced, enabling new clinical practice which improves patient care.”
Ground Fluor has established a Company-sponsored investigational new drug license and plans to further MFBG development in the coming months, hopeful that it will achieve FDA approval in the U.S. in 2020.
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FluoroPharma’s CEO and President Thom Tulip, Ph.D. stated, “We are delighted to be working with Ground Fluor on this promising new agent, which could dramatically impact the management of certain cancers, particularly pediatric neuroblastoma. We look forward to moving the GFP technology forward into routine clinical use.”
Today’s share gains break a cycle for FluoroPharma, whose share price was on a downtrend since the beginning of the year. Will the stock continue to ascend?
Featured Image: DepositPhotos.com/ vshivkova
