By Ben Glickman
Shares of Benitec Biopharma doubled Monday morning after the clinical-stage biotechnology company said the U.S. Food and Drug Administration cleared its Investigational New Drug application.
The stock reached a peak of 53 cents in morning trading, its highest level since September. Shares were recently up 106%, to 41 cents, and have risen 134% this year.
Hayward, Calif.-based Benitec said the FDA approved BB-301, a silence-and-replace gene therapy, for further study in clinical trials. Benitec said there are 13 subjects enrolled in the study.
BB-301 would be studied as a treatment for OPMD-related dysphagia, or problems swallowing resulting from a rare genetic condition.
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