Geron's Stock Soars After FDA Lifts Hold On New Drug Application

Geron Corp.'s stock soared 35% in premarket trade Monday, after the company said the Food and Drug Administration lifted its hold on the investigational new drug application for its cancer treatment imetelstat. Geron added that the FDA also accepted its development plan for imetelstat. The company now expects to start a Phase 2 clinical trial of imetelstat focused on high-risk myeloid malignancies in the first half of 2015. Geron's stock had dropped 50% so far this year through Friday, while the iShares Nasdaq Biotechnology ETF has climbed 31% and the S&P 500 has gained 9.2%.