ProKidney Corp jumps as therapy shows promise in kidney disease trial

Prokidney

11/01/2023 12:31

** Shares of ProKidney Corp  PROK.O  surge 40.2% to $10.80
premarket
    ** Stock among top three pct. gainers across U.S. stock
exchanges 
    ** Co late on Tuesday said data from early analysis of cell
therapy in a mid-stage diabetic chronic kidney disease (CKD)
trial showed potential to delay the need for dialysis and
preservation of renal function 
    ** Co says the early analysis showed a mean of 16 months
delay in dialysis and at 15 months, two patients had
preservation of their kidney function and had not advanced to
renal replacement therapy 
    ** There were no product-related serious adverse events, but
the company reported 2 patient deaths, one from COVID-infection,
while the other suffered from a type of heart-attack about 18
months after enrollment 
    ** Jefferies continues to see potential in PROK's cell
therapy to capture a multi-billion dollar opportunity in CKD
treatment market 
     ** In 2022, stock fell 30.7% 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))