Sam Boughedda

Investing.com — Longeveron LLC (NASDAQ:) shareholders will be cheering the stock on Thursday after it rocketed over 192% on the FDA’s approval of Longeveron’s Lomecel-B for rare pediatric disease designation.

Lomecel-B is approved to treat Hypoplastic Left Heart Syndrome (HLHS), a severe and potentially fatal heart defect that affects infants. Following a positive Phase 1, Phase 2, and Phase 1 trials, the treatment is now under way. 

We are pleased with the Phase 1 data and progress in Phase 2. Joshua Hare, co-founder of Longeveron and chief science officer said Lomecel B is a novel cell therapy method that can potentially be used in conjunction with surgery for these infants.

Longeveron is currently assessing the treatment in Phase 1 and 2 clinical trials for Aging Frailty, Alzheimer’s disease, the Metabolic Syndrome, Acute Respiratory Distress Syndrome (ARDS), and HLHS.

Shares of the company rose up to $8.90 after the announcement and now sit around $8.63. In February the company was made public, with $10 per share. The company went public in February, opening at $10 per share. However, investors were not pleased with the results of subsequent research, and stock prices fell to $2.84 on Wednesday.

This news comes as a welcome boost to Longeveron’s shares after its five consecutive down days following the earnings release. Revenue fell and losses grew. According to the report, Longeveron stated that the company expects sufficient cash to pay for its requirements through at least the fourth-quarter 2022.