Miragen stock surges past $1 mark on clinical data presentation as company faces delisting

BOULDER — Investors drove stock in Miragen Therapeutics Inc. (Nasdaq: MGEN) past $1 per share in early trading Friday, a first step in avoiding potential ejection from the public markets.

The Boulder pharmaceutical company surged 95 percent in early trading Friday from 77 cents per share to $1.43 before leveling off to $1.08 per share as of 11:30 a.m. Mountain Time. The stock had been trading below $1 since mid-September.

Miragen said it would present Phase I clinical data on its drug candidate Cobomarsen for patients with forms of leukemia and lymphoma at a blood cancer research forum Jan. 31, driving investor interest.

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The Nasdaq warned Miragen last year that it would have until April to maintain a closing share price above $1 for 10 straight trading periods or face delisting from the market. The company was evaluating its options to raise the stock price outside of the control of the broader market, including using a reverse stock split to reduce the number of shares available to make the remaining stock higher in value, CEO Bill Marshall said at the time.

It also laid off 18 employees in December as it slowed research on its blood cancer drug candidates currently in clinical trials to focus on its therapy for idiopathic pulmonary fibrosis, a disease that scars lung tissue.