Caribou Biosciences (NASDAQ:CRBU) stock is taking off on Thursday after the gene-editing company announced an investment from Pfizer (NYSE:PFE).
Caribou Biosciences reports that Pfizer has made a $25 million equity investment in the company. Pfizer did so with the purchase of 4.69 million shares of CRBU stock. The company bought these shares for $5.33 apiece.
Caribou Biosciences says it already has plans for the $25 million it gained from the stock sale to Pfizer. The company will use these funds for the development of CB-011. This is an “immune cloaked allogeneic CAR-T cell therapy currently being evaluated in the CaMMouflage Phase 1 clinical trial in patients with relapsed or refractory multiple myeloma (r/r MM).”
Dr. Sriram Krishnaswami, Vice President and Development Head for Multiple Myeloma at Pfizer, joined the Scientific Advisory Board at Caribou with this investment. Krishnaswami said the following about the company’s work:
“Pfizer has a long history of supporting early, innovative science in the biotech ecosystem, and we look forward to supporting Caribou as they continue to advance their ANTLER Phase 1 trial for CB-010, as well as their clinical program for CB-011, an allogeneic anti-BCMA cell therapy for multiple myeloma.”
CRBU Stock Movement Today
Today’s news has spurred heavy trading of CRBU stock with some 66 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 790,000 shares.
CRBU stock is up 58.6% as of Thursday morning but still down 1.9% since the start of the year.
Investors seeking out even more of the most recent stock market stories will want to stick around!
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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.
