[Market Focus] ENCell Surges Over 9% on Confirmation of Phase 1 Safety for Charcot-Marie-Tooth Treatment

KOSDAQ-listed company ENCell is showing strong performance in early trading on January 9. This appears to be driven by buying interest following news that the safety of its Charcot-Marie-Tooth disease treatment has been confirmed in a Phase 1 trial.

As of 9:06 a.m. on this day, ENCell's share price was up 9.41% from the previous trading day, reaching 17,910 won. The stock opened at 18,000 won and at one point during the session climbed as high as 18,890 won.

ENCell, a developer of cell and gene therapies, announced the previous day that it had obtained meaningful data from a repeat-dose Phase 1b clinical trial of its Charcot-Marie-Tooth (CMT) type 1A treatment candidate, 'EN001.' Charcot-Marie-Tooth disease is a genetic disorder that causes deformities in the hands and feet as well as muscle atrophy, and in severe cases can lead to loss of vision and hearing. Although the disease has a high incidence rate, there are currently no approved treatments.

EN001 is an allogeneic umbilical cord-derived mesenchymal stem cell-based therapy, being developed to promote regeneration and functional improvement of damaged peripheral nerves. These topline results were derived from the evaluation of the ongoing repeat-dose clinical trial being conducted in Korea.