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Galera Therapeutics, Inc. (GRTX) stock is Skyrocketing in the Pre Market, Here’s the Reason.

Galera Therapeutics, Inc. (GRTX) is a biopharmaceutical company aimed at the development and commercialization of novel candidates which have the ability to transform the difficult procedure of Radiotherapy in the field of oncology. One of the lead product candidate of the company is Avasopasem which is dismutase mimetic product is being evaluated by the experts for radiotherapy induced toxicities. The second lead product candidate of the company is rucosopasem has the ability to enhance the anti-cancer efficacy of stereotactic body radiation therapy in patients with non-small cell lung carcinoma and initial stages of pancreatic cancer.

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The price of GRTX stock ended the regular trading session of December 14, 2021 at $2.70 with a phenomenal gain of 95.65%. At last check in the pre market session of December 15, 2021, the stock was up by 11.11%.

Events and Happenings

On December 14, 2021, GRTX announced about the amended outcomes of its Phase 3 of ROMAN trial of avasopasem for the cure of RT-induced severe oral mucositis (SOM). The company achieved statistical significance on the primary endpoint of reduction in the incidence of SOM. Avasopasem has been approved as Breakthrough Therapy Designation (BTD) by the FDA.

CEO Comments

Mel Sorensen, CEO of GRTX told that ROMAN is the second trial conducted in head and neck cancer patients to demonstrate improved clinical benefit. He further added that the management is looking forward to meeting with the FDA in 2022 to discuss that could the results from Phase 3 and Phase 2b trial support an NDA submission.

Key Financials

On November 10, 2021, GRTX announced financial results for the third quarter ended September 30, 2021. Some of the main highlights are mentioned below.

Total Assets

The total assets of GRTX remained same for Q3 2020 and Q3 2021 i.e., $98 million.

Net Loss per Share

The company reported a net loss of $22.6 million, or $0.86 per basic and diluted share for the Q3 2021, in comparison to a net loss of $17.1 million, or $0.69 per basic and diluted share, for the same quarter of 2020.

Conclusions

There is a remarkable surge in the stock price of GRTX and the analysts are attributing the recent corrected study results of its main drug candidate to be the reason of this hike. The investors are surely placing their trust in the company’s policies.

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