- The stock price of Longeveron Inc. (NASDAQ: LGVN) increased by over 35% during intraday trading today. This is why it happened.
The stock price of Longeveron Inc. (NASDAQ: LGVN) – a clinical-stage biotechnology company developing cellular therapies for chronic aging-related and life-threatening conditions – increased by over 35% during intraday trading today. Investors appear to be responding to the FDA granting Orphan Drug designation to Longeveron’s lead investigational product for “Treatment of Hypoplastic Left Heart Syndrome,” according to an FDA filing via Benzinga.
Last month, Longeveron’s stock price surged after the company announced that the U.S. Food and Drug Administration (FDA) has granted Rare Pediatric Disease (RPD) designation for Lomecel-B for the treatment of Hypoplastic Left Heart Syndrome (HLHS), a rare and life-threatening congenital heart defect in infants. And Lomecel-B, an investigational allogeneic, bone marrow-derived medicinal signaling cell (MSC) product, is currently being evaluated in a Phase 2 trial.
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