Biopharmaceutical outfit Brooklyn ImmunoTherapeutics (NYSEMKT:BTX) stock is off to a roaring start today. The company has announced its new CEO, and with a promising medical trials in the books, the company is looking like a promising play for investors.
Brooklyn specializes in developing immunotherapies for the treatment of cancer. The company has found its niche in treating head and neck cancers, thanks to its successful IRX-2 treatment, and it has plans for other treatments in the works. The company has very high outlook for its IRX-2 treatment, which has is now receiving fast-track designation from the FDA. The treatment is also under orphan drug designation, meaning the production of the treatment will be government-assisted.
The company has made news in the last couple weeks thanks to its reverse merger with NTN Buzztime. The merger has left Brooklyn stockholders with a vast majority of owned common stock shares. The remaining 41 million common shares were placed on the market at the end of March.
BTX Stock Benefits from New Addition
BTX stock is continuing its hot streak this morning. The company has announced its new CEO, Howard Federoff of UC-Irvine. Federoff, former CEO of UCI Health, will be filling the role in place of the company’s interim CEO Ron Guido. Federoff comes to Brooklyn with an extensive resume, both as a CEO and as a neurologist. In fact, the doctor was a dean at both UCI’s School of Medicine as well as at Georgetown University. It seems investors see Federoff as a welcome addition, bolstering the company’s already stacked roster of scientific advisors and managers.
The addition of Federoff has done well to continue Brooklyn’s successful week on the market. The announcement is driving the value of BTX stock up significantly. As of this morning, the stock is up by 43%. Trading volume, averaging at under 900,000, is up to a massive 35 million today. Investors should expect to see the upward trend carry into the future with IRX-2’s new FDA designations.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.