The Cynata Therapeutics Ltd (ASX: CYP) share price has jumped 9.8% after opening today, with CYP shares trading at $1.11 at the time of writing. Cynata shares had closed at $1.02 yesterday before opening at $1.10 this morning and moving higher still after open.
Cynata Therapeutics is a Australian stem cell and regenerative medicine company. After today's moves it is valued at approximately $115 million.
Why have Cynata shares moved?
Today's gains can be attributed to the company releasing some positive data on the preclinical drug trial results of its Cymerus treatment. Cynata hopes Cymerus will be used in the effective treatment of sepsis (sometimes called 'blood poisoning'), a life-threatening disease that arises from the body's response to harm or infection. The company noted that sepsis is "a major medical challenge and the most common cause of death in hospital intensive care units."
The company noted that in its trials, Cymerus mesenchymal stem cells successfully increased blood oxygen levels, improved lung health and decreased inflammation. The trials were co-funded by and conducted in partnership with the Royal College of Surgeons in Ireland.
Cynata's Chief Operating Officer Dr Kilian Kelly described the trial results as "highly encouraging" and stated:
We believe the data can support progression to a clinical trial in patients with sepsis. These latest results build on our broad preclinical database across a range of commercial opportunities, including asthma, heart disease and diabetes complications.
Cynata shares have fallen steeply since reaching their 52-week high back in late July of this year. Even after today's share price moves, CYP shares are still trading toward the lower end of the company's 52-week range ($0.94–1.87) and just shy of its year-to-date low.
