Lipella Pharmaceuticals (NASDAQ:LIPO) stock is flying higher on Monday after the company presented investors with an update on its Phase 2a clinical trial evaluating LP-310.
This is the company’s drug candidate for the treatment of Oral Lichen Planus (OLP). That’s a chronic inflammatory condition that affects more than 6 million Americans and lacks a Food and Drug Administration (FDA)-approved treatment.
Lipella Pharmaceuticals notes that the clinical trial is now underway. That comes after it recruited patients across multiple site locations. It’s also screening more patients to take part in the study.
Lipella Pharmaceuticals CEO Dr. Jonathan Kaufman said the following about the news.
“We are very pleased with the rapid pace of site activation, and the enrollment of our initial patients marks a pivotal milestone for both the company and the patient community suffering from this debilitating condition. This achievement reinforces our mission to redefine treatment paradigms for Oral Lichen Planus.”
LIPO Stock Movement Today
With today’s news comes heavy trading of LIPO shares. That has more than 41 million units changing hands as of this writing. To put that in perspective, its daily average trading volume is about 46,000 shares.
LIPO stock is up 145.8% as of Monday morning.
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On the date of publication, William White 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.
