There are few things that work so well, and so frequently well, to improve the value of a biotech stock like successful testing. That’s just what happened to UroGen Pharma (NASDAQ:URGN), as a successful test for its flagship product sent share prices skyrocketing, up over 38% at one point in Thursday afternoon’s trading.
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UroGen landed a win in Phase 3 trials for its UGN-102 treatment, which is designed to address bladder cancer. More specifically, low-grade bladder cancer with “intermediate risk” levels that hasn’t invaded muscle tissue. The announcement sparked a serious win for UroGen, which briefly hit a trading halt before restarting and going up over 41%. Now, it’s lost some of that ground, but it’s still well ahead of its close yesterday.
The test was staged with over 500 patients, and managed to produce a 55% lower chance of recurrence, further progression, or even death. Both ATLAS and ENVISION testing turned out well, and produced excellent results, complete with solid tolerance and side effects similar to its earlier trials. That wasn’t the only thing that gave UroGen a leg up, though. It also landed a $120 million private placement earlier today, the proceeds of which will go to research and development, regular operations, and commercializing the drug line. It also recently brought in James Robinson to its board of directors. Robinson was the former president and CEO of Urovant Sciences, giving him significant insight into the broader field.
The news comes at exactly the right time for UroGen Health stock. Looking at the last five days of trading, UroGen Health stock was on a slight downward slump. That is, before the news of successful testing hit, which sent share prices almost straight upward. It did lose some of those gains as the trading day continued, but it’s held most of its upward launch quite well.
