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This morning there have been a number of stocks have come into focus among investors owing to fresh developments and one of those is the Kintara Therapeutics Inc (NASDAQ:KTRA) stock. The biopharmaceutical firm is involved in the development of therapies for solid cancer tumors and following a major new announcement, the stock has soared by as much as 19% so far this morning.
In light of such gains, it may be a good time for investors to consider taking a closer look at the news. The company announced this morning that its REM 001 study program in relation to Cutaneous Metastatic Breast Cancer (CMBC) had been paused for the time being in order to conserve cash.
The cash that Kintara manages to save from the move is then going to be used for providing the funding for the international registrational study for VAL 083 in glioblastoma that is currently ongoing. It is perhaps clear to see that the particular program has been prioritized by Kintara and it is also quite clear that the announcement from the company was welcomed wholeheartedly by investors as well.
In this regard, it should also be noted that the move to pause the REM 001 program is going to help the company in saving around $3 million throughout the course of 2023.
Robert E Hoffman, who is the Chief Executive Officer and President of the company, spoke about the latest development as well. He noted that it was unfortunate that the company had to stop the particular study even though the CMBC patients had hardly any options with regard to treatments.
However, he went on to add that the company was going to continue to find ways for restarting the program and one of the options was to apply for grants for the same.