Why Shares of Ocean Biomedical Soared Thursday
Shares of Ocean Biomedical (NASDAQ: OCEA) were up more than 118% as of 2:45 p.m. Thursday. The preclinical-stage biotech, which began publicly trading on the NASDAQ on February 15, focuses on deadly diseases, including malaria, numerous cancers, and pulmonary fibrosis.
The reason for the surge was a talk at Brown University's Legorreta Cancer Center by Ocean Biomedical's scientific co-founder, Dr. Jack A. Elias, who presented details regarding potential therapies to suppress tumors on various cancers.
Elias focused on his company's work in understanding how the protein Chitinase 3-like-1 (CHI3LI) is involved in the progression of lung cancer. He also spoke about how his discoveries show that certain monospecific and bispecific antibodies can be used as therapies to treat non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM). The company hopes to speed these discoveries into phase 1 trials.
Source Fool.com
