Biora Therapeutics Shares Rise 64% After FDA Clears Application for Ulcerative Colitis Treatment
By Ben Glickman
Shares of Biora Therapeutics rose late Thursday after the company received clearance from the U.S. Food and Drug Administration to use its ulcerative colitis treatment in a clinical trial.
The stock was up 64% to $2.03 in after-hours trading, following a 2.5% rise at Thursday’s close. Shares were down 62% this year as of the close.
The San Diego-based biotechnology company said the FDA had approved its investigational new drug application for BT-600, a drug and device combination used to treat moderate to severe ulcerative colitis.
The company said it would complete the activities required by the FDA and the trial site before enrolling subjects in its first trial in the coming weeks.
An IND allows a company to use an investigational drug in humans in a clinical study.
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