Benzinga | Oct 12, 2021 09:43AM EDT

Why Protara Therapeutics Stock Is Rising Today

Protara Therapeutics Inc (NASDAQ:TARA) is trading higher Tuesday after the company announced FDA clearance of the Investigational New Drug application for TARA-002 for the treatment of non-muscle invasive bladder cancer.

Protara Therapeutics expects to begin a Phase 1 clinical trial of TARA-002 in adults with high-grade non-muscle invasive bladder cancer by the end of 2021.

The company said the primary objective of the trial is to evaluate the safety, tolerability and preliminary signs of anti-tumor activity of TARA-002, with the goal of establishing a maximum tolerated dose and recommended dose for a future Phase 2 clinical trial.

"Supported by the strength of the existing clinical data in NMIBC for OK-432, the originator therapy for TARA-002, we believe this treatment represents a promising new option for NMIBC patients," said Jesse Shefferman, CEO of Protara Therapeutics.

Protara Therapeutics is committed to identifying and advancing transformative therapies for people with rare and specialty diseases.

TARA Price Action: Protara Therapeutics has traded as high as $27.50 and as low as $6.18 over a 52-week period.

The stock was up 14.10% at $7.71 at time of publication.