Coronado Biosciences, Inc. (CNDO) has been a solid gainer in late morning trading, up more than 62% from Wednesday’s close of $3.22. The gains have been aided by the company’s announcement of an exclusive license agreement with NeuPharma to develop and commercialize novel irreversible, 3rd Generation EGFR inhibitors on a worldwide basis outside of certain Asian countries.
Under the terms of the agreement, Coronado will pay NeuPharma an up-front licensing fee as well as make development and sales-based milestone payments and will pay a tiered single digit royalty on net sales.
Coronado also announced the formation of a new company, Mustang Therapeutics, that will focus on the development and commercialization of Chimeric Antigen Receptor (CAR-T) technology.
CNDO shares recently gained $2.01 to $5.23. In the past 52 weeks, shares of Burlington, Massachusetts-based biopharmaceutical firm have traded between a low of $1.45 and a high of $5.24. The name is currently trading at a very strong volume with 12.6 million shares changing hands. It is currently at more than 40x its average daily volume. Shares are up 58.62% year-over-year and 31.97% year-to-date.