Shares of Moderna Inc. (MRNA) - Get Report were rising between 1.5% and 4% in early trading Tuesday after the biotechnology company said it was making positive progress on several of its trial-stage drugs, including treatment for advanced ovarian cancer.
Moderna shares were up a little more than 3% at $16.78 on the Nasdaq Stock Exchange after ending the day Monday at $16.27.
In a statement Tuesday, Moderna said it has submitted a so-called "investigational new drug," or IND amendment to the Food and Drug Administration to launch a phase 2 study of its treatment for advanced ovarian cancer.
The company also said it has begun working with patients in its phase 1 study of mRNA-2752, an intratumoral injection focused on treating metastatic solid tumor malignancies or lymphoma. The company now has a total of 11 programs in various stages of clinical development.
"I believe we are better positioned than we have ever been to deliver on the promise of our science to bring forward mRNA medicines that have the potential to improve the lives of patients," said CEO Stéphane Bancel.
Moderna went public about a month ago, launching as last year's biggest biotech IPO, raising $604.3 million and valuing the company at around $7.5 billion.