Indaptus Therapeutics, Inc. (INDP), a pre-clinical stage biotech company, has surged 17.02% in aftermarket trading session. Consequently, INDP stock is trading at $7.22 at the time of the writing. On Monday, INDP closed the day at $6.17 after soaring 8.25% in regular trading hours. The consistent increase could be attributed to the appointment of a new Chief Medical Officer.
Why INDP Soaring?
On Monday, INDP announced the appointment of Dr Boyan Litchev, M.D., as Chief Medical Officer. The appointment would become effective from 31st January 2022. Dr Litchev would take care of clinical strategy, clinical development as well as would conduct all of the clinical programs. He will report directly to Jeffrey A. Meckler, Chief Executive Officer of Indaptus Therapeutics.
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Q3 2021 Operational Results
On 15th November, INDP released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The total operating expenses bore by the company during the quarter were $3.36 million against $1.54 million for the same period of 2020. The net loss suffered by the company during three month period stood at $3.36 million against $1.54 million for the same period of 2020. The net loss per basic and diluted share for the three months was $0.81 against $0.79 for the same period of 2020.
Jeffrey Meckler, Chief Executive Officer of INDP, while commenting on the results said that the quarter proved to be transformative for the company as it completed a $30 million placement to support its tremendous clinical programs. The company believes that it has a unique opportunity to shape the course of cancer treatment via activation of both the innate and adaptive immune system and it is looking forward to making its dream a reality.
Future Outlook for INDP
During the last three months, INDP stock has declined more than 15% owing to the varying factors, including both general market and company-related ones. The company believes that the more recent developments would provide the stock with a much-needed boost to attract investors in the upcoming months.