NEW YORK (TheStreet) -- BioPharmX Corp. (BPMX) - Get Report stock is popping by 20.45% to $2.12 on heavy trading volume on Monday, after the pharmaceutical company announced that it may have developed a breakthrough treatment for acne.
The Menlo Park, CA-based pharmaceutical company's treatment "may offer a breakthrough in acne treatment because it can safely deliver the antibiotic to the layer of skin where the condition develops," BioPharmX said in a statement on Friday.
The treatment, called BPX-01, is currently being tested on animals and in vitro human skin.
The company is presenting the research today at the American Society of Cell Biology's annual meeting.
So far today, 3.44 million shares of BioPharmX have traded, versus its 30-day average of about 306,000 shares.