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      Why is Chemomab Therapeutics Ltd. (CMMB) stock rising today? - Stocks Telegraph

      By Muhammad Ali

      Published on

      December 2, 2021

      3:53 PM UTC

      Why is Chemomab Therapeutics Ltd. (CMMB) stock rising today? - Stocks Telegraph

      Shares of the Chemomab Therapeutics Ltd. (CMMB) stock were rising in the intraday session today on December 2, 2021. CMMB stock price saw a push of 10.32% to reach $9.30 a share at the time of this writing. The trading volume on the last check was 676,294, significantly higher than the average trading volume. Let’s understand the reason behind this bull.

      What’s Happening?

      CMMB stock today announced that it has got clearance for its Investigational New Drug (“IND”) application for CM-101, a first-in-class CCL24-neutralizing antibody by the U.S Food Drug & Administration. The CM-101 is intended to treat primary sclerosing cholangitis, a rare disease. The Phase 2 SPRING trial of the CMMB stock is already in progress in Europe and Israel. The company is expanding this trial to include U.S sites. The trial is evaluating CM-101 as a potential treatment for PSC.

      The FDA clearance is an important milestone for the CMMB stock. This achievement will allow the Chemomab stock to increase the number of clinical sites in its Phase 2 SPRING study. The company is on a mission to expand its development capabilities as well as clinical business in the United States.

      Financial View of the CMMB stock:

      The company on November 12, 2021, did announce third-quarter 2021 financial results according to which

      • The research and development expenses reached $1.5 million in the third quarter of 2021. These expenses were $1.0 million in the same quarter of last year. The preclinical and clinical activities are mainly attributable to this rise. The company anticipates that its research and development expenses will rise in the upcoming quarters as the company is advancing its clinical programs.
      • CMMB stock spent $1.4 million in general and administrative expenses in the third quarter of 2021. This compares to $0.2 million in the same tenure of the previous year. The increase is mainly attributable to the public company operations and expenses related to share-based compensation.
      • CMMB stock suffered a net loss of $3.0 million or ($0.01) per basic and diluted ordinary share in the recently reported quarter. The net loss was $1.2 million, or ($0.01) per basic and diluted ordinary share in the same quarter of last year.
      • By the end of the third quarter of 2021, CMMB stock had $64.3 million in cash and cash equivalents. This amount was $11.7 million as of December 31, 2021.

      Wrap Up:

      The CMMB stock is progressing with time and its management is striving hard to expand the development capabilities and clinical business in the U.S.

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