Why Global Blood Therapeutics Stock Jumped 10.9% Today [The Motley Fool]
Global Blood Therapeutics, Inc. (GBT)
NASDAQ:AMEX Investor Relations:
ir.globalbloodtx.com
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Source: The Motley Fool
Why Global Blood Therapeutics Stock Jumped 10.9% Today The company's most advanced drug has taken a step toward FDA approval. After disclosing that the Food and Drug Administration has accepted the company's application to review its lead product candidate for approval, shares of Global Blood Therapeutics ( NASDAQ:GBT ) rallied 10.9% on Thursday. The company is developing voxelotor, a once-daily oral treatment for sickle cell disease (SCD) that may prevent red blood cells from becoming misshapen. Positive clinical trial results for the drug, which boosts the amount of oxygen in hemoglobin, were reported in December. At the 12-week mark, a 1,500 mg daily dose of voxelotor increased hemoglobin by at least 1 gram per deciliter in 65% of patients. Only 10% of patients receiving a placebo saw that level of improvement. The company followed up that data with additional insight in June. At the 24-week mark, 59.5% of patients saw a 1-gram-per-deciliter improvement in hemoglobin, including 51
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