Gracell Bio jumps on FDA nod to begin human trials for blood cancer therapy

Gracell Biotechnologies

03/02/2023 14:27

** U.S.-listed shares of China-based drug developer Gracell
Biotechnologies Inc  GRCL.O  gain 20.2% to $2.56 premarket 
    ** Co says the U.S. health regulator has cleared its
application to begin human trials for its drug candidate to
treat a type of blood cancer
    ** The drug candidate, GC012F, is being developed to treat
relapsed/refractory multiple myeloma - GRCL   
    ** Multiple myeloma is a cancer that forms in a type of
white blood cell called plasma cell  
    ** GC012F belongs to a class of drugs called chimeric
antigen receptor (CAR) T-cell therapy, which uses genetically
modified T-cells from the patient's body to fight cancer- GRCL
    ** GRCL plans to begin an early-stage trial for GC012F in Q2
this year
    ** Stock has fallen ~28.5% in the past 12 months
 (Reporting by Mariam E Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))