Shares of the Brooklyn ImmunoTherapeutics, Inc. (BTX) were down in the current market today amid the spread of the news of the acquisition of a license for its mRNA technology platform. It seems that profit-takers have stepped in as BTX stock price saw a downtrend of 13.45% to drop at $37.85 a share at the time of this writing after soaring as much as 75.62% with a $43.73 per share price at previous closing. Let’s deep dive to explore more about BTX stock.
Brooklyn ImmunoTherapeutics, Inc is a biopharmaceutical company focused on the development of products to treat patients suffering from cancer. BTX stock today got an exclusive license for the mRNA Technology platform of Factor Bioscience Limited and Novellus Therapeutics Limited in order to develop genetically edited cells to treat patients suffering from various cancers, blood, and other disorders. The license is the result of the previously announced exercised option according to which BTX stock paid $1 million in order to acquire a license for the mRNA Technology platform of Factor Bioscience Limited and Novellus Therapeutics Limited.
According to the license, BTX stock will use an extensively patented process in order to develop the gene-editing compounds using mRNA.The mRNA cell reprogramming is the efficient and footprint-free technology of the licensed mRNA technology platform for allogeneic as well as autologous cells. This technology is combined with mRNA-based gene editing along with a proprietary gene-editing protein for the elimination of off-target effects. The licensed platform also includes the ToRNAdo lipid delivery system for the efficient delivery of mRNA ex vivo and in vivo to the brain, eye, skin, and lung tissue.
Management View on Acquisition of License:
The Chief Executive Officer and President of the Brooklyn, Howard J. Federoff, M.D., Ph.D., considered this newly acquired license as a sign of significant advancement towards the treatments of cancer and other blood diseases. According to him, BTX stock is looking forward to continuing the work initiated by Factor Bioscience and Novellus.
BTX stock is planning to start the pre-clinical development programs for sickle cell anemia, solid and liquid tumors along with other inherited monogenic disorders. Brooklyn intends to be at the stage of Investigational New Drug for at least one of the above-mentioned development programs by 2024.
After gaining over 75% in the last trading session, BTX stock is now gloomy as far as market sentiment is concerned. BTX management is optimistic for the future growth in mRNA technology and planning to initiate various pre-clinical development programs. Hence BTX stock can be a good bet for investors in the long run.