By Sabela Ojea

Shares of Gracell Biotechnologies Inc. jumped Friday after the company said the U.S. Food and Drug Administration approved its investigational new drug application to treat a type of cancer targeting plasma cells.

At 12:35 p.m. ET, shares were up 8% at $2.30.

The China-based clinical-stage biopharmaceutical company said it can now initiate a Phase 1b/2 clinical trial for its therapeutic candidate FasTCAR-T GC012F, which targets relapsed or refractory multiple myeloma.

Relapsed or refractory multiple myeloma occurs when cancer of the plasma cells returns or doesn't respond to treatment.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 03, 2023 12:50 ET (17:50 GMT)

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