Shares Of Vericel Higher following Submission Of Biologics Licence Application To The FDA

Shares of

, a developer of cellular therapies for use in the treatment of patients with diseases and conditions, were trading higher by nearly 4 percent at $2.62 on Tuesday. The move higher in Vericel's stock follows the company's

on Monday that it has submitted a Biologics Licence Application (BLA) to the US Food and Drug Administration for MACI, the company's investigational autologous cellular product intended for the treatment of symptomatic cartilage defects of the knee in adult patients. "The BLA submission for MACI represents an important step toward our goal of providing a new treatment option for the repair of symptomatic cartilage defects of the knee in adult patients," said David Recker, MD, chief medical officer of Vericel. "We look forward to continuing to work closely with the FDA during the BLA filing and review process for MACI in the United States."