Geron (NASDAQ:GERN) stock is heading higher on Friday after getting approval from the Food and Drug Administration (FDA) for RYTELO.
RYTELO is the company’s “adult patients with low- to intermediate-1 risk myelodysplastic syndromes (MDS) with transfusion-dependent (TD) anemia.” This is a blood cancer that often leaves patients with anemia, fatigue and shortened survival periods.
Rami Komrokji, MD, an investigator in the RYTELO clinical trials, said the following about the approval.
“What is exciting about RYTELO is the totality of the clinical benefit across LR-MDS patients irrespective of ring sideroblast status or high transfusion burden, including sustained and durable transfusion independence and increases in hemoglobin levels, all within a well-characterized safety profile of generally manageable cytopenias. The treatment goal for patients with LR-MDS and anemia is transfusion-independence and before today, this wasn’t possible for many patients.”
How This Affects GERN Stock
With this news comes heavy trading of GERN shares today. This has more than 54 million units on the move as of this writing. That’s well above the company’s daily average trading volume of about 12.9 million shares.
GERN stock is up 18.4% as of Friday morning and is up 114.9% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
