Chemomab Therapeutics is developing a treatment for rare liver scarring disease PSC. Chemomab Therapeutics (Nasdaq: CMMB), which is developing treatments for fibro-inflammatory (scarring) diseases, rose 14% on Friday and is up an additional 13% today, following publication of its second quarter financial report and receipt of positive trial results. Chemomab, which merged into the stock market shell of Anchiano Therapeutics (Biocancel) in 2021 listed on Wall Street at a relatively early stage in the development of its products.
Since then it has lost over 90% of its value and is currently trading with a market cap of $22.76 million. Chemomab CEO and cofounder Dr.
Adi Mor tells "Globes," "Scarring is part of a variety of diseases and we have a drug with a new mechanism against it. We decided to choose the rare liver scarring disease PSC, which causes scarring in the bile ducts and ultimately the need for a liver transplant in 20% of patients, and there is no cure for the disease. Even those who have a liver transplant may develop the disease in the new liver.
" The trial was conducted testing the drug against a placebo for 15 weeks and will continue so that both groups will receive the drug for another 33 weeks. "The study was not designed to show effectiveness, but we showed changes in the most important biological markers in the development of the disease, and in some of them a statistically significant difference was recorded." Because of the relative rarity of the disease, .