Biotech Stock Catches Premarket Bid On Wednesday

By: Dylan Sikes – AllPennyStocks.com News

Wednesday, October 19, 2022

A California-based biotech company has made waves already during Wednesday’s premarket session after it was announced that the REM-001 program in Cutaneous Metastatic Breast Cancer (CMBC) was paused to conserve cash which will be used to support the funding of the Company's ongoing international registrational study for VAL-083 in glioblastoma (GBM). According to the release, “by pausing the REM-001 program, the Company expects to save approximately $3.0 million through 2023.”

This caused traders to eager bid for shares of Kintara Therapeutics Inc. (Nasdaq:KTRA), which is currently bid up at $0.147/share (+46.85% implied open for sellers) at the time of writing.

Kintara Therapeutics Inc is engaged in the development of novel cancer therapies for patients with unmet medical needs. The company is developing two late-stage, Phase 3-ready therapeutics for clear unmet medical needs with reduced risk development programs. The two programs are VAL-083 for GBM and REM-001 for CMBC. VAL-083 is a small-molecule chemotherapeutic with a novel mechanism of action that has demonstrated clinical activity against a range of cancers, including the central nervous system, ovarian, and other solid tumors. The Company operates within a single operating segment the research and development of cancer indications, and operates primarily in one geographic area, being North America.

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