Shares of biotechnology company Creative Medical Technology (NASDAQ:CELZ) are up in triple digits today after the Institutional Review Board (IRB) gave the green light for a clinical trial of the company’s product candidate CELZ-201 for the treatment of Type 1 Diabetes.
The trial will be conducted at the University of Miami Health System and will evaluate CELZ-201 in newly diagnosed patients with Type 1 diabetes.
Importantly, there were 1.6 million Type 1 Diabetes patients in the U.S. in 2019 and the economic burden of the disease is pegged at $14.4 billion.
Despite today’s price gains, shares of the company are still down nearly 34% over the past year.
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