Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT) shares surged after the messenger RNA medicine company announced Wednesday the continuation of its collaboration with Ultragenyx Pharmaceutical Inc (NASDAQ:RARE).
The companies plan to discover and develop mRNA, DNA and small interfering RNA therapeutics to target a slate of rare diseases.
Arcturus shares jumped nearly 42% to $8.19. Shares of Ultragenyx, a large-cap pharmaceutical company, ticked up 0.6% to $62.70.
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The partnership will pay Arcturus for major milestones reached in the development process. The two companies have been working together since October 2015.
The first such treatment is designed to treat Glycogen Storage Disease Type III, a hereditary disorder that impairs the body’s ability to break down carbohydrates.
“The expansion of the collaboration with Ultragenyx underscores the partnership’s early successes and ongoing commitment,” CEO Joseph Payne said. “Our expertise in the discovery, early development and manufacturing of RNA medicines aligns well with Ultragenyx’s proven clinical development and commercial experience in rare diseases.”
Arcturus Therapeutics is an RNA medicines company based in San Diego, California. Itstreatment pipeline includes therapies for Ornithine Transcarbamylase Deficiency, Cystic Fibrosis, Glycogen Storage Disease Type 3, Hepatitis B, and non-alcoholic steatohepatitis.
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