Geron Corporation (NASDAQ:GERN)
Geron Corporation (NASDAQ:GERN) has announced completing the second phase of an internal review of the IMbark and IMerge clinical studies that were being carried out by Janssen Research & Development, LLC. IMbark is clinical trial of the refractory or relapsed myelofibrosis (MF) while IMerge is a clinical trial for telomerase inhibitor imetelstat in mild myelodysplastic syndromes (MDS). The results for IMbark indicate that the drug has clinical benefits as well as the potential for survival benefits for patients with refractory or relapsed myelofibrosis.
The company plans to present data from the trial as well as the proposed design for the trial to the Federal Drug Administration (FDA). The clinical results for IMbark indicate clinical benefit as well as increased safety benefits.
Following the update, the company’s stock strongly opened the Monday trading session. This attributed to investor excitement following the update. The company traded at $2.54 per share for the better part of the day representing a $0.39 per share or a 17.92% gain. The company however had a bad trading session on Tuesday April 11 as shares sank $-0.24 or 9.34% per share to close the session at $2.33. The stock opened the session at an impressive $2.57 and reported a high of $2.58 and a low of $2.31. A total of 4.35 million shares were traded in over 13,565 trades. The stock’s daily average trading volume is 1.57 million shares with a float of 159.16 million.
Following the fall, the company’s market cap stands at $370.84 million. In the previous financial year, the company’s shares traded between $3.35 and $1.81.
Geron has an exclusive global agreement with Janssen Biotech, Inc signed on November 13, 2014. Under the agreement, Geron has mandated Janssen Biotech to develop, market and commercialize imetelstat which is used for oncology as well as other human therapeutics functions. As part of the agreement, Geron received a down payment of $35 million and is entitled to more payments up to a total of $900 million for acquiring regulatory, development as well as commercial approvals. The company is also entitled to royalties on all global net sales. Both companies are jointly managing all development, regulatory, production and promotional activities related to imetelstat.
Geron Corp is engaged in supporting clinical trial of imetelstat, a telomerase inhibitor that is used in hematologic myeloid malignancies. The company is headquartered in Menlo Park, CA.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.