Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Biotechnology firm Tiziana Life Sciences (NASDAQ: TLSA LON: TILS) shares are surging on Tuesday after the company said the FDA has allowed evaluation of nasal administration with Foralumab in a secondary progressive multiple sclerosis (SPMS) patient.
Foralumab, a fully human anti-CD3 monoclonal antibody, will be nasally administered for the first time to a patient with SPMS. The treatment is planned to start in the second quarter of 2021 and will continue for six months.
Tiziana previously completed a Phase 1 trial with nasally administered Foralumab in healthy subjects. The treatment was well-tolerated with no drug-related safety issues reported at any doses up to 250 mg.
Professor Howard Weiner, who developed nasal foralumab, said, “nasal anti-CD3 is an exciting, novel approach that has the ability to provide a safe treatment for a form of MS that has no effective treatment. We are pleased that the FDA has allowed us to treat a patient with SPMS who needs a better treatment option than is currently available.”
Tiziana’s London-listed shares are trading over 22% higher at 122p at the time of writing. Its Nasdaq listed shares are up 16.98% premarket at $3.10 following Monday’s $2.65 close.
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