Shares of Franklin-based BioMimetic Therapeutics have jumped in the early hours of trading. The stock closed Friday at $14.00, but as of 10:32 a.m. CDT Monday shares were changing hands for $15.22, a healthy increase of 8.71 percent.
This sharp increase in share price follows this morning's release of positive preliminary results of the company’s Canadian pilot clinical trial which tested the efficacy of the company's newest product. The product, GEM OS1, allows certain orthopedic conditions to be treated without the need for bone grafts which use bone harvested from other areas of the patient’s body.
Today’s gains, however, pale in comparison with the rise the stock has experienced since the company first announced that today’s results would be published. On October 9, the stock closed at $7.50. The following day the company issued a release announcing that it would report the trial's results today. Since that release less than a month ago, the stock has more than doubled.
And with today’s results, the market’s optimism has paid off, so far.