BioRestorative Therapies, Inc. (NASDAQ:BRTX) rose Wednesday, after the company entered into a Master Service Agreement with PRC Clinical, a contract research organization (CRO), to conduct BioRestorative's Phase 2 trial.
The company, out of Melville, New York announced the deal Tuesday. PRC Clinical is an all-inclusive CRO and has specialized expertise across regenerative medicine, CNS, ophthalmology, pulmonary and COVID-19, rare and orphan disease and more complex indications.
Their innovative approach to executing studies for biotech and pharmaceutical companies combines high-touch human elements and cutting-edge technology with extensive experience and deep therapeutic knowledge. Pursuant to the agreement, PRC Clinical will manage BioRestorative’s Phase 2 clinical study of BRTX-100, the Company’s lead clinical product to treat chronic lumbar disc disease.
"This is a significant milestone in our mission to develop cell-based therapeutics and to become a clinical stage company," according to CEO Lance Alstodt, We believe that PRC's renowned expertise in conducting clinicals trials and their use of innovative technology makes them an excellent CRO to partner with.
"This is the most meaningful step the Company has taken to initiate our clinical trial. We should now expect a host of developments pertaining to the advancement of our clinical trial, ultimately leading to the read out of our primary endpoints."
The company develops therapeutic products using cell and tissue protocols, primarily involving adult stem cells. Our two core programs, as described below, relate to the treatment of disc/spine disease and metabolic disorders.
BRTX shares leaped $1.53, or 33.5%, to $6.10.
