RTTNews | Jan 20, 2021 10:17AM EST

10:16 Wednesday, January 20, 2021 (RTTNews.com) - Shares of clinical-stage biopharmaceutical Caladrius Biosciences, Inc. (CLBS) are surging more than 170% Wednesday morning after the company said it has treated the first patient in its Phase IIb study of CLBS16 as a therapy for coronary microvascular dysfunction.

The Phase IIb study of CLBS16, dubbed FREEDOM, is designed to evaluate the efficacy and safety of intracoronary delivery of autologous CD34+ cells (CLBS16) in patients with coronary microvascular dysfunction and without obstructive coronary artery disease.

The 105-patient study is being conducted at The Christ Hospital Health Network in Cincinnati, Ohio.

"The treatment of the first patient in the FREEDOM trial is an important milestone for our company and the program and we look forward to completing enrollment by the target of year-end 2021," said David J. Mazzo, PhD, President and Chief Executive Officer of Caladrius.

CLBS, touched a new high of $4.88 this morning.

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