Shares of Chemomab Therapeutics Ltd.
shot up 46.9% in premarket trading Tuesday, after the Israel-based biotechnology company said the U.S. Food and Drug Administration cleared its Investigational New Drug (IND) application to evaluate its systemic sclerosis (SSc) treatment, CM-101. The company said that in preclinical studies, CM-101 reduced inflammation and injury to the lung, skin and vasculature, or organs often affected in SSc patients. “Achieving FDA clearance to initiate our Phase 2 systemic sclerosis trial is an important milestone for Chemomab,” said Chief Medical Officer Matt Frankel. “We are encouraged by the results of recent clinical studies of CM-101 in COVID patients with SSc-like acute lung injury and in NASH patients, which showed consistent trends in reducing multiple biomarkers associated with fibro-inflammatory disease.” The stock has lost 49.2% over the past 12 months through Friday, while the iShares Biotechnology exchange-traded fund
has gained 6.7% and the S&P 500
has slipped 6.2%.