[Featured Stock] Genexine Shares Surge 14% Early Session... Rally on News of Government Participation in COVID-19 Discussions
[Asia Economy Reporter Minwoo Lee] Genexine is showing an upward trend in early trading. This appears to be due to the news that the company participated in the government's discussions on the novel coronavirus disease (COVID-19) vaccine the previous day, as well as the announcement that its U.S. affiliate has entered Phase 2 clinical trials.
As of 9:30 a.m. on the 10th, Genexine is trading at 73,500 KRW, up 14% from the previous day. Following a 9.15% increase the day before, this marks two consecutive days of gains.
The news of the government's participation in COVID-19 vaccine development discussions seems to have acted as a positive factor. The previous day, President Moon Jae-in visited the Korea Pasteur Institute in Seongnam, Gyeonggi Province, and held a "Joint Meeting of Industry, Academia, Research Institutes, and Hospitals for the Development of Therapeutics and Vaccines to Overcome COVID-19." Attendees included Genexine, Celltrion, SK Bioscience, and others.
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The news that Genexine's U.S. affiliate, NeoImmuneTech, has entered Phase 2 clinical trials also appears to have had a positive impact. NeoImmuneTech, a developer of T-cell immunotherapies, announced the previous day that it had signed a clinical development (Phase 2) agreement with global pharmaceutical company BMS. Accordingly, the two companies plan to initiate a Phase 2 clinical trial combining the long-acting interleukin-7 'NT-I7 (Hyleukin-7)' with BMS's immune checkpoint inhibitor Opdivo.
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