Panbela Therapeutics (NASDAQ:PBLA) shares soared 33% at the time of writing after the biopharmaceutical company divested certain assets from its eflornithine pediatric neuroblastoma program to specialty pharmaceutical company US WorldMeds (USWM). Under the deal, Panbela stands to receive approximately $9.5 million in non-dilutive funding.
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President and CEO of Panbela, Jennifer K. Simpson, Ph.D., MSN, CRNP, commented, “This agreement further expands our portfolio of partner-funded programs and has the potential to generate considerable development milestone payments.”
Eflornithine is targeted for the treatment of neuroblastoma, a rare cancer, and has been granted orphan drug status in the U.S. as well as Europe. Panbela’s clinical pipeline, targeted for multiple indications, also includes SBP-101 Ivospemin, Flynpovi, and CPP-1X Eflornithine.
Despite today’s price gains, Panbela shares still remain nearly 99.8% lower over the past year. At the same time, short interest in the stock still remains elevated at about 8.3%.
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