Stock Alert: Citius Pharmaceuticals Soars 50%

(RTTNews) - Shares of Citius Pharmaceuticals, Inc. (CTXR) are adding nearly 50% on Friday morning after the U.S. FDA told the company that it could apply for fast track designation for its Induced Mesenchymal Stem Cells to treat patients with COVID-19.

CTXR is currently trading at $1.61, up $0.53 or 49.07%, on the Nasdaq.

Citius Pharma announced it received a written response from the FDA in regards to its pre-investigational new drug application for its induced mesenchymal stem cells (iMSCs) to treat and reduce the severity of acute respiratory distress syndrome (ARDS) in patients with COVID-19.

The FDA acknowledged that the company could apply for fast track designation and also provided Citius with the chemistry, manufacturing, and control requirements for the proposed trials.