This Newly Listed Biotech Is Soaring – Retail Says $14 Is The Line In The Sand

• Lakewood-Amedex Biotherapeutics Chairman Doug Manion said the listing will enable the company to accelerate the development of its bisphosphocin class of compounds.
• This includes the company’s lead product, Nu-3, which is being developed as a potential treatment for infected diabetic foot ulcers.
• Lakewood-Amedex Biotherapeutics CEO Kelvin Cooper stated that the company plans to initiate a Phase 2a clinical trial of Nu-3 for the treatment of iDFU.

Shares of Lakewood-Amedex Biotherapeutics Inc. (LABT) soared more than 70% in Friday’s pre-market trade, a day after the company announced a direct listing on the Nasdaq stock exchange.

Lakewood-Amedex Biotherapeutics began trading on the Nasdaq on Thursday, closing the day up over 8% and with a market capitalization of $122 million.

Lakewood-Amedex Biotherapeutics shares were up nearly 50% in Friday’s pre-market trade.

How Did Retail Traders React?

Retail sentiment on Stocktwits around the company trended in the ‘neutral’ territory, with message volumes at ‘extremely high’ levels. LABT was among the top-trending tickers on the platform at the time of writing.

One user stated that the real test for LABT would be how it handles the $14 level on any pullback today would be the real test for the stock.

Chairman Says Listing Will Accelerate Development

Lakewood-Amedex Biotherapeutics Chairman Doug Manion said the listing will enable the company to accelerate the development of its bisphosphocin class of compounds.

This includes the company’s lead product, Nu-3, which is being developed as a potential treatment for infected diabetic foot ulcers (iDFU).

Lakewood-Amedex Biotherapeutics CEO Kelvin Cooper stated that the company plans to initiate a Phase 2a clinical trial of Nu-3 for the treatment of iDFU.

Cooper added that of the 40 million diabetes patients in the U.S., around one-third develop DFU in their lifetime. He stated that the DFU will become infected in around half of these patients.

“Numerous patients experience more than one of these events in their life, and antibiotic-resistant bacterial strains are a major concern for the treatment of these patients. We look forward to accelerating our work targeting this major unmet need,” Cooper added.

Early Exploratory Trials Showed No Safety Concerns, Says Company

The company stated that early exploratory trials of Nu-3 at subclinical doses showed no safety concerns, while indicating a trend toward antimicrobial activity and improved wound healing.

Based on these findings, the company plans to initiate a Phase 2a study to assess safety and dose response, followed by a placebo-controlled Phase 2b trial comparing different doses.

The program will also evaluate the optimal administration regimen for Nu-3 gel formation in mildly infected diabetic foot ulcers, the company said.

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