01 augustus 2022
13:52
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The Walloon biotech company Celyad has been allowed by the US Food and Drug Administration to continue its most advanced research into a new cancer treatment. The stock shoots up to 40 percent.
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The study was halted in March because of doubts about the side effects of the treatment codenamed CYAD-101. Two patients had died during the study. In a study with patients with advanced cancer, this in itself is not exceptional. But the fact that those patients had similar lung problems prompted caution.
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After a thorough analysis of the data, the Food and Drug Administration (FDA) has now given the green light to resume the investigation. CYAD-101 is an immunotherapy for patients with colon cancer. It is being tested in combination with Keytruda, one of the best selling drugs in the world.
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Underperformer
Investors are reacting enthusiastically. The share
goes up to 40 percent and is today by far the best performing stock on the Brussels stock exchange.
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For Celyad, the news from the FDA is more than welcome after a long period of disappointment. Celyad is one of the big underperformers on the Brussels stock exchange. It went public in 2013 at 16.65 euros per share. Last Friday, only 1.74 euros remained.
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Investors who subscribed to the Nasdaq IPO took an even bigger loss. Celyad then raised 100 million dollars, at the equivalent of 60.25 euros per share. However, due to poor results, the company threw its research into a treatment of chronic heart failure in the trash. Convincing results with immunotherapy in cancer patients are also awaited.
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Major changes have not only been made in share ownership. The company is also looking for a new CEO, after Filippo Petti announced he was leaving the company in June. Michel Lussier, co-founder and hitherto chairman of the board of directors, temporarily takes over the honours. Hilde Windels took his place as chairman.
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