Over the past month, thinly traded penny stock Genprex Inc (NASDAQ:GNPX) has managed to come into sharp focus in the market. GNPX stock has rallied by as much as 900% during the period and has emerged as one of the bigger gainers in the biotech space.
Dream Run
In January, the company reported that its immunogene therapy product, Oncoprex, was granted the highly sought-after fast track designation by the relevant regulators in the United States. The fast track designation has been provided for the product when used in combination with AstraZeneca product Tagrisso to treat people suffering from EGFR mutation-positive non-small cell lung cancer (NSCLC).
Investors would be pleased to know that the company is all set to conduct a Phase 1/2 study of the product soon. Many investors will likely be tracking the developments quite closely. A fast track designation will also allow the process to be completed faster than usual.
GNPX stock is now up 53% at $4.20.
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The Chief Executive Officer and Chairman of Genprex, Rodney Varner, spoke about the developments, saying that he hoped the fast track designation would help bring Genprex’s gene therapy treatment to patients quickly.
He added that he hoped the company’s “gene therapy platform is more widely recognized for its potential in cancer treatment.”
GNPX stock rallied by as much as 182% this week so far, adding to its already notable gains of the past month.
This past Tuesday, the company announced that it has reached an agreement with the University of Pittsburgh with regards to its diabetes gene therapy product. The university has taken up exclusive rights for the gene therapy that could treat both Type 1 and Type 2 diabetes.
GNPX stock made a new 52-week high of $5.75 in today’s trading session.
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