C4 Therapeutics Stock Is Surging: What's Going On?

C4 Therapeutics Inc CCCC shares are rising Wednesday after the clinical-stage biopharmaceutical company announced the FDA cleared its investigational new drug (IND) application for CFT8919.

What To Know: CFT8919 is a BiDAC degrader that was developed to effectively and specifically target EGFR L858R in non-small cell lung cancer (NSCLC) patients, and it can be taken orally.

In May, C4 entered into an exclusive licensing agreement with Betta Pharmaceuticals for the development and commercialization of CFT8919 in China. Betta is responsible for submitting a Clinical Trial Application to the National Medical Products Administration in China and plans to commence a first-in-human clinical trial of CFT8919 in the country.

C4 plans to begin clinical trials outside of China after Betta completes the Phase 1 dose escalation study.

The FDA milestone announced on Wednesday represents C4's fourth IND clearance from its proprietary TORPEDO platform. 

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CCCC Price Action: C4 shares were up 24.7% at $3.52 at the time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.