Galmed surges on plans to expand into cancer and heart disease drug development
19/09/2024 18:35
** Shares of Israel-based drug developer Galmed
Pharmaceuticals GLMD.O surge ~56% to $10.74
** Co says it plans to advance its lead candidate, aramchol,
to develop drug combinations to overcome resistance to
standard-of-care treatments for patients with advanced
colorectal and liver cancers
** Adds it aims to develop aramchol-based drug combination
targeting cardiac fibrosis, or scarring of the heart, which
occurs in many cardiovascular diseases
** Galmed plans to announce new data from laboratory studies
in these programs during the Q4 2024
** Aramchol is currently being tested in a late-stage study
for patients with a serious type of fatty liver disease called
non-alcoholic steatohepatitis (NASH)
** Including session's gains, stock up ~98% YTD
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com))