NKGen Biotech Inc (NASDAQ:NKGN) shares traded higher on Monday, with a strong session volume of 19.25 million, compared to an average 100-day volume of 2.85 million, according to data from Benzinga Pro.
However, there is no news to justify the +20% increase in the stock price.
NKGen Biotech will present details about its NK cell therapy for neurodegenerative disease, review its preclinical data for Parkinson's disease, and highlight clinical safety and efficacy data from the recently completed Phase 1 trial of SNK01 for Alzheimer's disease at the 12th Annual Alzheimer's & Parkinson's Drug Development Summit.
Earlier this month, NKGen Biotech closed $5 million in second-lien convertible loan funding with a term of 30 months, augmenting approximately $4.75 in gross cash proceeds from prior 2024 funding to date.
"We are intently focused on our upcoming Phase 2 Alzheimer's clinical trial and recently submitted an IND for Parkinson's disease while streamlining our resources for maximum efficiency. Accordingly, we have successfully reduced our monthly burn rate for operations and clinical trials by almost 50%. In addition, we have several catalysts expected this year, including data readouts (both safety and cognitive) for the Phase 1 portion of our moderate Alzheimer's trial and the initiation of Phase 2," said Paul Song, Chairman and CEO.
Price Action: NKGN shares are up 29.30% at $1.43 at the last check Monday.
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