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Panbela Therapeutics (NASDAQ:PBLA) shares jumped nearly 40% in early trading on Wednesday after the company said it had divested certain assets in its eflornithine pediatric neuroblastoma program to US WorldMeds.
Under the deal, Panbela will receive up to $9.5 million non-dilutive funding.
“Panbela will receive payments upon USWM’s successful completion of milestones related to eflornithine’s clinical development, regulatory approval, and commercial sales,” the company said in a statement.