Moleculin Biotech Inc (NASDAQ:MBRX)
Moleculin Biotech Inc (NASDAQ:MBRX) stock fell through mild support at $2.50 to close the trading week at $2.39 on light volume. The biotechnology company spent early August trying to establish a price above $3.00 but failed to do so and slid down to establish a new low for August.
Moleculin Biotech Inc. (NASDAQ:MBRX) is a pre-clinical pharmaceutical company with ties to The University of Texas System on behalf of M.D. Anderson Cancer Center. Moleculin Biotech Inc. (NASDAQ:MBRX) developed Annamycin for the treatment of acute myeloid leukemia (AML). AML is the most common type of leukemia in adults. Current treatment includes combining two chemotherapeutic drugs – a treatment regime that has not substantially changed since the 1970s. Annamyecin is a unique liposome formulated anthracycline designed to limit, or erase any cardiotoxicity during treatment. This approach is taken so as to avoid the multi-drug resistance mechanism that frequently defeat the effectiveness of current drugs.
Last Monday, August 14, 2017, Moleculin Biotech Inc (NASDAQ:MBRX) released their Q2 2017 financial results. The biotech company had a Q2 net loss of $2.3 million, which included non-cash income of $1.2 million related to some warrants expiring without being exercised. The market reacted to the news by selling MBRX shares off and they closed the day down over 6%.
Then on Wednesday, Moleculin Biotech Inc (NASDAQ:MBRX) announced it acquired the WP1122 active drug compound from the company’s sub-license partner in Poland. Moleculin Biotech plans to study the drug as a potential treatment for brain tumors.
Walter Klemp, CEO of Moleculin Biotech Inc (NASDAQ:MBRX), commented “Access to this product allows us to accelerate preclinical toxicology and analytical testing of WP1122, which enables preparation of an Investigational New Drug application so we can begin proof of concept clinical trials. Research at MD Anderson using live human brain tumors transplanted into mice has shown that WP1122 has the potential to outperform the current standard of care treatment for glioblastoma, one of the most pervasive forms of brain tumors.”
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.