Biotech Catches Major Premarket Bid Following FDA Clearance

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, April 16, 2024

A New York-based biotech company is making major waves so far during Tuesday’s premarket hours after the company announced that the U.S. Food and Drug Administration (FDA) has cleared an important amendment to the protocol of the ongoing Phase 2 study investigating the use of BRTX-100, the company’s lead cell therapy candidate in treating chronic lumbar disc disease, according to a release this morning.

Traders were pretty optimistic on the news as they were quick to bid up shares of BioRestorative Therapies Inc. (Nasdaq:BRTX) during Tuesday’s premarket, with traders currently willing to buy shares at $1.48/share (+12.12% implied open for sellers) at the time of writing. It should be an exciting session for this micro cap!

BioRestorative Therapies Inc is a biotechnology company based in the United States. It focuses on the development of regenerative medicine products and therapies using cell and tissue protocols, primarily involving adult (non-embryonic) stem cells. The company's two core development programs include the Disc/Spine Program, which involves cell therapy candidate, BRTX-100, a product formulated from autologous cultured mesenchymal stem cells collected from the patient's bone marrow; and Metabolic Program, which includes the development of cell-based therapy to target obesity and metabolic disorders using brown adipose-derived stem cells, to generate brown adipose tissue.

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