Forty Seven Inc (NASDAQ: FTSV) was one of the top gainers in Monday’s trading session. The stock rallied to close the day with gains of 110.73%. This came after the company released positive data about its ongoing trial for Myelodysplastic syndrome and acute myeloid leukemia.
The results were made public during the 61st American Society of Hematology annual meeting that took place in Orlando Florida. In the presentation, the company announced that, the trial for a combination of Maglolimab and Azacitidine was well-tolerated by patients and was highly active.
According to the company’s Chief Medical Officer, Forty Seven was happy with the tolerability and the sustained clinical activity that came from the combination of Maglolimab and Azacitidine. He added that, this positive outcome would encourage the company to bolster its commitment towards advancing its development. On top of that, he stated that, the company was encouraged by its interactions with the FDA with regards to this treatment. This, he said, is a huge step towards finalizing the company’s design of a registration-enabling program. He added that the company was on track towards its goal of filing an initial BLA application by Q4 of 2021.
Medical experts have weighed in positively on the news of the Forty Seven Inc treatment. According to David Sallman M.D, at the H. Lee Moffitt Cancer Center and Research Institute, the data was exciting as it offers hope of the first therapy regimen in more than 10 years that could trigger meaningful and long-lasting responses in high-risk individuals.
Looking at the charts, the stock opened the day at $14.90 and traded between $14.70 and $31.38 before closing the day at $30.43. Volumes in the day stood at 12.48 million.
About Forty Seven Inc
Forty Seven Inc is a biopharma company that is focused on immune-oncology and develops cancer treatments. The company has its headquarters in Menlo Park, California.