Longeveron stock jumps 29% on FDA orphan designation to Lomecel-B
Dec. 03, 2021 6:40 AM ETLongeveron Inc. (LGVN)By: SA News Team
- Longeveron (NASDAQ:LGVN) soars 29.1% premarket after FDA granted orphan designation to Lomecel-B, its allogeneic bone marrow-derived mesenchymal stromal cells, or MSCs, as a treatment of Hypoplastic Left Heart Syndrome.
- Among the benefits of Orphan Drug status in the U.S. is a seven-year period of market exclusivity for the indication, if approved.
- Over the past month, LGVN stock rallied ~375% following social media-created short squeeze buzz.
- "The company's stock surged >$40 - from a price of ~$3 - as short sellers rushed to buy back stock after Longeveron secured a Rare Pediatric Disease designation", says Seeking Alpha contributor Edmund Ingham in his article.
- However, over the past week the stock fell ~41% with last close of $18.
- Below is an overview of company's Lomecel-B pipeline:
- Recently, the company announced mid-stage trial results for Lomecel-B in aging.