Seneca Stock Jumps 12% on Suzhou Facility Completion
The American drug maker is conducting clinical trials in China for the treatment of ischemic stroke.
The stock in Seneca Biopharma Inc. (Nasdaq: SNCA) skyrocketed 12% Friday afternoon on news of the completion of its stem cell manufacturing facility.
The biopharma company, based in Maryland, said in a statement today that its new center in Suzhou, China, will make its lead stem cell therapy, NSI-566. The drug will be used in clinical trials in China, including a Phase 2 trial now carried out at a Beijing hospital for the treatment of chronic ischemic stroke, according to the report.
Dr. Ken Carter, the executive chairman of Seneca, said in the statement that the completion of the facility in Suzhou is a "key milestone" and thanked the staff "who have been able to move forward on this plan while maintaining their safety during these uncertain times."
In response to the news, shares in Seneca, which specializes on the development of nervous system therapies, jumped 7 cents, trading at 68 cents apiece intraday in New York.