HUGE - FSD Pharma gains as Canada clears early-stage study for multiple sclerosis candidate

The shares of Canadian biotech FSD Pharma ( NASDAQ: HUGE ) rose for the fourth consecutive session on Tuesday after announcing that Canada greenlighted its Phase 1 trial for multiple sclerosis candidate LUCID-21-302.

Issuing a No Objection Letter (NOL), Health Canada has granted the regulatory nod to start the first-in-human clinical trial for LUCID-21-302 in the country, FSD ( HUGE ) said without detailing the estimated timeline for the study.

“We will continue to work with Health Canada and other regulators worldwide to complete clinical investigations as soon as we can,” Chief Executive Lakshmi Kotra remarked.

Preclinical studies have indicated the potential of LUCID-21-302 in the prevention of myelin degradation, which is believed to result in neurogenerative diseases such as MS, where there is damage to the myelin sheath in neuronal cells.

The Toronto-based pharma announced in September that the US and Canadian regulators cleared its mid-stage trial for FSD201 to treat a form of pain caused by the abnormal functioning of the body’s mast cells called idiopathic mast cell activation (IMCA) syndrome.

Toronto-based pharma announced in September, U.S. and Canadian clearance to start a mid-stage trial for FSD201 to treat a form of pain caused by the abnormal functioning of the body’s mast cells called idiopathic mast cell activation (IMCA) syndrome.

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