Why Vaccinex Shares Are Rallying

Shares of micro-cap biopharma Vaccinex Inc VCNX were trading higher Friday on above-average volume.

Rochester, New York-based Vaccinex, which focuses on therapies for cancer and neurodegenerative diseases, announced the signing of multiproject deals with two prominent pharma companies that Vaccinex did not identify.

The collaborations, Vaccinex said, will focus on using ActivMAb, its antibody discovery and novel viral display platform, for antibody discovery against complex antigens such as GPCRs and ion channels.

Vaccinex did not disclose the financial terms of the deals.

"These two collaboration agreements with prominent pharmaceutical companies underscore ActivMAb's unique ability to discover promising antibodies against challenging molecules with tangible R&D value. We look forward to working closely with our partners to develop potential treatments specific for such previously hard to drug targets," said Ernest Smith, chief scientific officer of Vaccinex.

Vaccinex shares touched their highest levels since September 2018 Friday and were up 164.80% at $7.60 at last check.