Home Financial Markets Here is why Brooklyn ImmunoTherapeutics Inc. (BTX) stock performed well on Friday...

Here is why Brooklyn ImmunoTherapeutics Inc. (BTX) stock performed well on Friday after plunging on Thursday?

Brooklyn ImmunoTherapeutics Inc. (BTX) stock flipped strongly on Friday, April 30, 2021, after poor performance on Thursday. The BTX stock gained 45.53% to close the normal Friday trading session at $49.80 per share. It continued its momentum and further jumped 32.55% in the after-hours trading on Friday.

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BTX shares have surged 2130.58% over the last 12 months, and they have moved up by 208.17% in the past week. Over the past three months, the stock has gained 538.46%, while over the past six months, it has added 1190.16%.


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Let’s see how BTX stock turnaround from Thursday’s bad performance?

Exclusive License acquisition for the mRNA technology platform

On April 29, 2021, Brooklyn ImmunoTherapeutics said that it has acquired an exclusive license for mRNA gene editing and cell therapies technology.

The license will also provide to use an extensively patented process to develop gene-editing compounds using mRNA, which preclinical data suggest demonstrating a high degree of efficiency, as well as being non-immunogenic and non-mutagenic.

New appointment

On April 26, 2021, Brooklyn ImmunoTherapeuticsappointedMatthew During, M.D., Ph.D. to the Company’s Scientific Advisory Board, effective immediately.

Dr. During is a Harvard, MIT, and Yale-trained neuroscientist with vast working experience as a faculty member at different reputable universities.

Inducement Grants

On April 19, 2021, Brooklyn ImmunoTherapeuticsreported that the company granted a nonqualified stock option covering 2,627,915 shares of Brooklyn’s common stock to Dr. Federof.

Previously on 16 April 2021, Dr. Federoff was granted a nonqualified stock option covering 597,253 shares of Brooklyn’s common stock. This inducement grant is given to Dr. Federoff’s for his devoted continuous service with Brooklyn.

mRNA Technology Platform license Acquisition

On April 15, 2021, Brooklyn ImmunoTherapeuticspaid$1 million to acquire the Factor Bioscience’s and Novellus’ mRNA Gene Editing and Cell Therapies technology license which has been extended till May 21, 2021.

Upon completion, Brooklyn would be able to start a patented process to seek to develop gene-edited compounds using mRNA which are used for the treatment of several solid tumor and liquid indications, sickle cell anemia, as well as for several additional inherited disorders.

New Board member

On April 15, 2021, Brooklyn ImmunoTherapeutics appointed Dennis H. Langer, M.D., J.D. to the Company’s Board as an Independent Director, effective May 1, 2021.

New CEO appointment

On April 6, 2021, Brooklyn ImmunoTherapeutics appointed Howard J. Federoff, M.D., Ph.D., as Chief Executive Officer and President and a director as of 16 April 2021.

Ronald Guido was replaced by Dr. Federoff, who was serving as Interim CEO and will remain on Brooklyn’s management team as Chief Development Officer.

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Conclusion

BTX performed well because of the recent license acquisition news which came late on Thursday, after market closure. We can see it continue its positive momentum on Monday as well.

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