Shares of CRISPR Therapeutics (NASDAQ:CRSP) stock are ticking higher on Friday after the company reported a positive business update and financial results for the second quarter of fiscal year 2021 on Thursday.
There was plenty to be excited about in the release from the biopharmaceutical firm. However, what’s catching investors’ attention is news that CRISPR expects to have regulatory filings for its leading drug candidate — CTX001 — in the next 18-24 months. This specific treatment focuses on combatting β-thalassemia and sickle cell disease via gene-editing therapy.
Back in April, “CRISPR Therapeutics and Vertex announced an amendment to their collaboration for CTX001. In connection with the completion of the transaction in June, Vertex made a $900 million upfront payment to CRISPR Therapeutics.” Additionally, figures from 22 patients with at least three months of follow-up after receiving CTX001 were presented back in June and “continued to build the profile of a functional cure” for β-thalassemia and sickle cell disease.
More than 45 patients across two trials have already been dosed with CTX001. The firm expects to reach its target enrollment in both studies by Q3 of FY2021.
CEO Samarth Kulkarni, Ph.D., said in part:
“We concluded an important quarter in which we reported notable data from our hemoglobinopathies program while rapidly advancing our entire clinical and pre-clinical portfolio and our capabilities. Updated clinical data on CTX001 presented at EHA demonstrate consistency and durability, further validating the promise of a functional cure for sickle cell disease and beta thalassemia. We expect to report clinical data from our immuno-oncology programs later this year, and to file multiple INDs for our regenerative medicine and in vivo programs in the next 18 to 24 months.”
CRSP stock was up almost 5% at one point on Friday, but is now up just over 1%.
On the date of publication, Nick Clarkson 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.
Nick Clarkson is a web editor at InvestorPlace.