Selecta Biosciences surges as FDA lifts clinical hold on metabolic disease drug trial

Cartesian Therapeutics

10/03/2022 15:21

** Shares of biotech co  SELB.O  rise as much as ~15% to
$2.01 - hitting highest levels in three weeks 
    ** SELB says on March 9, FDA lifted clinical hold on its
early-stage study of SEL-302  urn:newsml:reuters.com:*:nGNX24HPD6
    ** Co is testing SEL-302 as a potential treatment for
methylmalonic acidemia, a rare metabolic disease 
    ** "We look forward to starting our phase 1 clinical trial
expeditiously," says CEO Carsten Brunn 
    ** U.S. health regulator had put co's SEL-302 trial on hold
in November 2021 to obtain additional information about the
product candidate  urn:newsml:reuters.com:*:nGNX4s5g6R 
    ** Co posts Q4 profit of 3 cents/share vs loss of 14
cents/share a year ago 
    ** SELB says cash, equivalents of $129.4 million at Dec. 31
to be sufficient for operating requirements until Q3 2023
    ** Up to Wednesday's close, stock down 47% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))