Another Biotech Stealing The Premarket Spotlight

By: Dylan Sikes – AllPennyStocks.com News

Wednesday, June 28, 2023

It has been back to back days where we’ve seen a biotech stock pop premarket after a press release merely mentioned the words ‘U.S. Food and Drug Administration’. This morning, it was announced that the FDA has granted orphan drug designation to lead clinical candidate VCN-01, Theriva’s systemic, selective, stroma-degrading oncolytic adenovirus for the treatment of pancreatic cancer.

Shares of Theriva Biologics Inc. (NYSE American: TOVX) rallied strongly on the news, with shares currently bid up at $1.18/share (+42.58% implied open for sellers) at the time of writing. This move will come following a strong session yesterday as shares closed up at $0.8276/share on Tuesday.

Theriva Biologics Inc is a clinical-stage pharmaceutical company developing a novel oncolytic adenovirus (OV) platform to address devastating cancers with high unmet needs. It is a lead clinical-stage program VCN-01, designed to break down the tumor stroma, and its preclinical-stage program VCN-11, leverages its proprietary Albumin Shield Technology to protect systemically administered oncolytic viruses from the host immune system.

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