Genprex Inc (NASDAQ: GNPX) Rallies After Announcing A Licensing Deal For Diabetes Treatment

Genprex Inc (NASDAQ:GNPX) was a top gainer in yesterday’s trading session. The stock rallied to close the day with gains of 29.84%, after announcing an exclusive licensing deal with the University of Pittsburgh for a therapy that could potentially cure Type 1 and 2 diabetes.

While announcing the deal, Genprex CEO Rodney Varner stated that, the company was excited to have entered into this agreement with the University of Pittsburgh, and that, he looked forward to developing new treatments for diabetes. He added that, the company has always put the needs of its clients first, and that it was working hard to bring new treatment options to patients with unmet needs.

He also stated that, the new therapy the company was working on with the university is likely to bring in new treatment options that could help millions of patients who are currently reliant on insulin replacement therapy.  He added that, it will be a huge relief to those who do not get the full benefits of insulin replacement therapy as presently done. He concluded by saying that, the company plans to seek out new partnerships in the United States and worldwide.

The licensed diabetes gene therapy works by reprogramming alpha cells in the pancreas. It turns them into beta-like cells thereby restoring their functionality, while reinstating insulin levels to normal.  The gene therapy was developed by Dr. George Gittes, a Harvard graduate, and a researcher at the Rangos Research Center at UPMC Children’s Hospital in Pittsburgh.

From its price action, the stock gapped up to open the day at $1.61. It then had a volatile session, trading between a low of $1.45 and a high of $1.74, before closing the day at $1.61. Volumes in the day stood at 17.24 million.

About Genprex Inc

Genprex Inc is a gene-therapy company that develops treatments on its proprietary technology platform. It is based in Austin, Texas.

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