PROG Stock: Why The Price Increased Today

By Amit Chowdhry ● Oct 19, 2021
  • The stock price of Progenity Inc (NASDAQ: PROG) slightly increased today. This is why it happened.

The stock price of Progenity Inc (NASDAQ: PROG) slightly increased over 18% during intraday today before closing up 0.33%. Investors were responding positively to Progenity announcing that it will participate in the fourth annual IBD Innovate Product Development for Crohn’s & Colitis virtual conference, hosted by the Crohn’s & Colitis Foundation, November 18-19, 2021.
Progenity’s Vice President of Strategy and Operations Chris Wahl, MD, MBA is going to present as part of a session titled “Novel Drug Delivery Technologies” on Thursday, November 18, at 2:25 p.m. Eastern. And the presentation will be live-streamed and will be available for viewing after the event to registered attendees.

This presentation will focus on Progenity’s novel Drug Delivery System (DDS) – which is currently under development and is designed to improve patient outcomes in ulcerative colitis by increasing the available dose at the site of disease while reducing systemic toxicity.

Progenity’s Drug Delivery System (DDS) is an ingestible capsule designed for targeted delivery of therapeutics for improving treatment of gastrointestinal disease. And for the 1.8 million patients in the United States who suffer from inflammatory bowel disease (IBD), existing therapeutics offer less than ideal efficacy because of the challenges with safely achieving therapeutic drug levels in the affected tissues.

The DDS promises to be an alternative therapeutic platform that could maximize the available dose at the site of disease while reducing systemic toxicity. And once swallowed, the DDS smart capsule is designed to autonomously identify when it has arrived at a designated location in the intestine, and release drug at the site of disease.

Progenity is now in preclinical development of its lead candidates PGN-001 (liquid adalimumab delivered by the DDS) and PGN-600 (liquid tofacitinib, a JAK inhibitor, delivered by the DDS) and is preparing to initiate early clinical studies in 2022. And Progenity was a recipient of the Crohn’s and Colitis Foundation IBD Ventures development grant in 2021 to support development and further clinical evaluation of the DDS platform.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.