Krystal Biotech (NASDAQ:KRYS) started off its week on a high note as the company received positive news regarding one of its drugs, which may be approved faster than it had anticipated, leading to an impressive day for KRYS stock, which went gangbusters as it gained more than 40% Monday.
The Pittsburgh, Pa.-based biotech company announced that it had attained an expedited review designation from the U.S. Food and Drug Administration (FDA) in regards to its lead drug candidate, which is called KB102. The medication is designed to help treat a skin condition known as dystrophic epidermolysis bullosa.
The condition causes severe blistering as those affected have a lack of collagen in the skin, making it incurable as things stand, although Krystal Biotech is hoping its solution will help greatly. KB102 is a viral vector that sends COL7A1 genes to patients, which code for functional collagen, directly to the patient’s cells.
The company also announced some positive results from a Phase 2 trial of the drug by looking at six blister wounds that are being treated with KB103. Krystal Biotech found that five of these wounds closed up completely, plus the drug was well-tolerated by patients.
The business added that there were no serious adverse events or drug-related adverse events reported, as well as no reports of inflammation or irritation in the KB103-treated wounds.
KRYS stock is up about 45.8% today following the news.