Seelos Therapeutics Inc (NASDAQ:SEEL) jumped 12.5%after announcing its mid-year 2021 clinical and business update. CEO Raj Mehra said that the company continued executing at a high level in the year’s first half.
Mehra said that part one of the company’s SLS-002 study showed immediate antisuicidal and antidepressant effects with an excellent tolerability profile. In addition, the company commenced part two of the placebo-controlled registration study planning to enroll patients in over 30 sites. Also, the SLS-005 IV trehalose ALS pivotal study, which was approved to the HEALEY ALS Platform Trial at Harvard, is planning to commence patients dosing in Q3.
Seelos has commenced more in vivo studies with the SLS-004 gene therapy program showing its ability to minimize alpha-nucleic expression that targets Parkinson’s disease. Also, the company is evaluating other indications for SLS-005 and SLS-002.At the beginning of this year, the company raised $33.5 million in a common stock offering and another $65 million in another offering with proceeds used to repay its convertible promissory notes and corporate purposes. So, in the coming months, SEEL is worth keeping an eye on.
Market Reaction:
On Friday, SEEL stock gained 12.43% at $1.90 with more than 2.84 million shares, compared to its average volume of 3.29 million shares. The stock has moved within a range of $1.7100 – 1.9300 after opening the trade at $1.72.
