Panbela gains after divesting rights to pediatric cancer drug

Panbela Therapeutics

19/07/2023 17:20

** Shares of drug developer Panbela Therapeutics  PBLA.O  up
27% at $2.62
    ** Co says it is divesting rights to its experimental
pediatric cancer drug, eflornithine, to privately owned US
WorldMeds 
    ** PBLA is entitled to get up to $9.5 mln from US WorldMeds
and will also receive milestone-related payments
    ** US WorldMeds gains rights to PBLA's trials testing the
drug as a potential treatment for pediatric neuroblastoma, a
rare and deadly cancer that normally affects kids below 5 years
of age 
    ** Co is also testing the drug as a potential treatment for
gastric cancer and Type 1 diabetes and will retain rights for
these programs 
    ** Including session moves, stock has lost nearly half its
value YTD

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