BUZZ-Moleculin Biotech soars as FDA approves cancer drug trial

Shares of drug developer Moleculin Biotech MBRX.O rise 488% to $2.44; set to record their largest single-day percentage gain

MBRX says U.S. FDA has approved company's plan for a late-stage trial to test its drug, annamycin, a potential treatment for acute myeloid leukemia, a type of blood and bone marrow cancer

Says FDA recommended a reduction in the size of the trial by about 10% due to an alteration in the statistical plan

Annamycin received "fast track" and "orphan drug" designation from the FDA

MBRX fell 87.7% in 2024