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Thursday, May 19, 2022

BriaCell Therapeutics Corp. (BCTX) stock plunged in the Current Market; here is why?

BriaCell Therapeutics Corp. (BCTX) stock declined in the current market after receiving a fast-track approval to BriaCell by FDA. BTCX stock values at $9.04, losing more than 8% compared to the last close. The BTCX stock closed at $9.91 at the end of the previous trading session with a trading volume of around 691.48K shares.


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The Global Biotechnology Industry

An essential element of biotechnology is using microbes to develop and improve specific medical treatments or drugs. There are several uses for it in a variety of sectors. A variety of disciplines, including medicines and medicine, food and chemical manufacture, and genetics, are affected by it. It also has ramifications for health and well-being and environmental and food safety advantages.

According to the estimations, global biotechnology was valued at $733 billion in 2020 and $793 billion in 2021. According to the estimates, biotech’s global market size is expected to reach $1.6 trillion by 2030, with a compound annual growth rate of 8.7% over the following decade.

The company operates in the breast cancer sector. The Global Breast Cancer Drug Market is forecasted to be $17.9 billion in 2021. It is expected to reach $27.04 billion with a compound annual growth rate of 8.6% by 2026.

FDA has given Fast Track Approval to BriaCell

It has been announced by BriaCell Therapeutics Corp. (BCTX) that the United States Food and Drug Administration (FDA) has given Fast Track designation to BriaCell’s lead candidate, Bria-IMTTM, for the treatment of metastatic breast cancer. Breast cancer that has progressed beyond the breast is known as metastatic breast cancer.

The company may expedite patient access to drugs by using Fast Track, which increases the pace and frequency of contact with the FDA.

Patients with advanced breast cancer are now being enrolled and dosed in Phase I/IIa trial conducted by BriaCell, which has received Fast Track classification.

Conclusion

The company is moving forward with the treatment of breast and has received fast-track approval from FDA. The global breast cancer market is gaining, and the company should introduce a treatment as soon as possible to grab a market share in the industry.

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