Shareholders of Fluoropharma Medical Inc. (OTCQB:FPMI) are cheering on news that the company has acquired an exclusive option to license the meta-Fluorobenzylguanidine (MFBG) imaging agent from Ground Fluor Pharmaceuticals, Inc. (GFP). MFBG, labeled with the isotope Fluorine-18, can be used in conjunction with Positron Emission Tomography (PET) for the assessment of neuronal integrity. It may play an important role the diagnosis and assessment of various cancers, as well as some aspects of cardiovascular disease.
MFBG can be produced in commercially viable quantities with reliable yields using GFP’s proprietary fluorination technology, and it is currently undergoing clinical assessment in the United States. GFP’s founder, Professor Stephen DiMagno, Ph.D., stated, "We are looking forward to seeing our novel fluorination chemistry advanced, enabling new clinical practice which improves patient care."
GFP has established a Company-sponsored IND and plans to move MFBG into late stage development in the coming months, with the expectation of Food and Drug Administration approval in the U.S. in 2020.
Thom Tulip, Ph.D., President and CEO of FluoroPharma stated, "We are delighted to be working with Ground Fluor on this promising new agent, which could dramatically impact the management of certain cancers, particularly pediatric neuroblastoma. We look forward to moving the GFP technology forward into routine clinical use."
As mentioned off the top, shares of FPMI have galloped 37.5% higher on the news, albeit on low volume on the licensing news. Today’s share price gains also break a multi-month downtrend that the stock has been in the midst of since the beginning of the year.
