Shares of Larimar Therapeutics, Inc. (LRMR) gained nearly 8% on Tuesday morning after the company announced that the FDA removed the partial clinical hold placed on its nomlabofusp or CTI-1601, a clinical program targeting the treatment of patients with Friedreich's Ataxia, a disease that causes damage to nervous system.
LRMR is currently trading at $7.84, up $0.57 or 7.84%, on the Nasdaq. The stock opened its trading at $8.00 after closing Monday at $7.27. The stock has traded between $2.18 and $13.68 in the past 52-week period.
Nomlabofusp is a protein replacement therapy designed to deliver frataxin to mitochondria.
The FDA removed the partial clinical hold after a review of data from Larimar's four-week, placebo-controlled Phase 2 dose exploration study.
Interim data from the study is expected in the fourth quarter of 2024.
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