Biotech Shares Up Big After Today's Announcement

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, July 26, 2022

A small biotech company turned heads on Tuesday after the company announced that it plans to submit a request for Emergency Use Authorization (EUA) following encouraging interactions with the US Food and Drug Administration (FDA) at a recently held Type B meeting, according to the release. This sent shares of InflaRx NV (Nasdaq:IFRX) soaring during today’s session.

InflaRx NV is a clinical-stage biopharmaceutical company focused on applying proprietary anti-C5a/C5aR technology to discover and develop first-in-class, potent and specific inhibitors of the complement activation factor known as C5a and its receptor known as C5aR. C5a is an inflammatory mediator involved in the progression of a wide variety of autoimmune and other inflammatory diseases. Its lead product candidate, vilobelimab, is a novel intravenously delivered first-in-class anti-C5a monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability in multiple clinical settings.

As previously mentioned, this announcement caused traders to snatch up shares of this micro cap, reaching up to $2.14/share (+53.96%) at the session high. This move was a strong confirmation of the recent breakout this stock had experienced from its multi-month downtrend.

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