Fresh Tracks Therapeutics (NASDAQ:FRTX) stock is heading higher on Wednesday after announcing positive results from a Phase 1 clinical trial.
That clinical trial covers the use of FRTX-02 to restore immune balance. The Phase 1 study saw both a single ascending dose and multiple ascending doses used in healthy subjects. This has the company testing the safety of the drug.
The good news is FRTX-02 performed well in safety categories, which opens the company up to the second part of its Phase 1 trial. This will have it test the drug on patients suffering from moderate to severe atopic dermatitis.
Andy Sklawer, President and CEO of Fresh Tracks Therapeutics, said the following about the results:
“This clinical trial marks the first time an oral DYRK1A inhibitor intended for patients with autoimmune diseases has entered the clinic, and these topline SAD and MAD data reinforce our enthusiasm for the continued development of FRTX-02 as a potential first-in-class therapy.”
FRTX Considers Strategic Options
At the same time the company announced the Phase 1 results, it also revealed plans to evaluate strategic options. Sklawer says this is due to the company’s current capital situation. He also notes that Fresh Tracks Therapeutics still wants to move forward with the development of FRTX-02.
With today’s news comes heavy trading of FRTX stock. Some 8 million shares are on the move as of this writing, which is a major leap over the daily average trading volume of about 94,000 shares.
FRTX stock is up 92.1% in pre-market trading on Wednesday!
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On the date of publication, William White did not hold (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.