LGVN - Longeveron stock opened 100% up on Wednesday: explore why
2024-07-10 11:38:21 ET
Longeveron Inc (NASDAQ: LGVN) soared 100% on Wednesday after its Lomecel-B received RMAT designation from the Food & Drug Administration.
Lomecel-B is the company’s investigational treatment for Alzheimer’s disease.
Longeveron stock is still down about 60% versus the start of 2024.
Why is it significant for Longeveron stock?
The Regenerative Medicine Advanced Therapy designation comes with regulatory benefits that enable developers like LGVN to move faster in making their products available in the market.
Lomecel-B met the success threshold in patients with mild AD in Clear Mind (Phase 2a trial) in October. Joshua Hare – the cofounder of Longeveron Inc said in a press release on Wednesday:
RMAT designation is an important milestone for LGVN and Lomecel-B that recognises potential for our cellular therapy to have a positive impact on patients afflicted with this devastating disease.
Longeveron stock does not pay a dividend at writing.
LGVN will present Lomecel-B trial results at AAIC
Longeveron will present full results of its Lomecel-B trial at the 2024 Alzheimer’s Association International Conference in the final week of July.
According to Joshua Hare who also serves as the company’s chief science officer and chairman of the board:
In the Clear Mind trial, Lomecel-B demonstrated an overall slowing/prevention of disease worsening compared to placebo. The trial achieved primary safety and secondary efficacy endpoints.
RMAT today is the fourth special designation that Longeveron has received from the U.S. regulator for Lomecel-B. Longeveron stock also rallied last month when the biotech firm posted a positive update on its lead asset for HLHS .
Longeveron narrowed its loss in fiscal Q1
The massive surge in Longeveron stock is coupled with a huge increase in the trading volume. At the time of writing, well over 80 million shares of the Nasdaq-listed firm have exchanged hands on Wednesday versus its daily volume of just over 8 million on average.
In May, LGVN said its net loss narrowed to $4.1 million in the first quarter as revenue climbed a whopping 96% on a year-over-year basis. At the time, Wa’el Hashad – the chief executive of Longeveron Inc said:
In Q1, we continued to focus on advancing our cutting-edge cellular therapy research and its application through our investigational product candidate, Lomecel-B, in HLHS and Alzheimer’s disease.
Earlier this year, the biotech firm raised $11.4 million and now has funds to operate until the final quarter of 2024. Note that Longeveron shares are not very widely covered by the Wall Street analysts.
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