Why Immix Biopharma Shares Are Rising Today

Immix Biopharma Inc IMMX is trading higher Tuesday on continued momentum after the U.S. Food and Drug Administration granted Rare Pediatric Disease designation for IMX-110 for the treatment of rhabdomyosarcoma, a life-threatening form of pediatric cancer in children.

IMX-110 is currently being evaluated in a Phase 1b/2a clinical trial. If a New Drug Application in the U.S. for IMX-110 is approved, Immix may be eligible to receive a Priority Review Voucher from the FDA, which can be redeemed to obtain priority review for any subsequent marketing application, or may be sold or transferred.

"This clearly provides additional opportunities for us and represents tremendous value for us as a company in addition to the validation of this technology," Immix CEO Ilya Rachman said Monday on "Benzinga Live."

Related Link: EXCLUSIVE: Immix CEO On FDA Designation, Positioning, Price Action On 'Benzinga Live'

Immix is a clinical-stage biopharmaceutical company developing Tissue-Specific Therapeutics in oncology and inflammation.

IMMX Price Action: Immix has traded as low as $2.85 and as high as $8.67 over a 52-week period.

The stock was up 29.8% at $7.50 Tuesday morning.

Photo: DarkoStojanovic from Pixabay.