The Food and Therapy Administration accorded HCW Biologics approval to proceed with a Phase 1b Clinical Trial for its pancreatic cancer drug, giving the firm a boost.

The medicine, known as HCW9218, is the company's top contender, which is why HCW's stock has risen sharply in response to the announcement, reaching a high of $7.05 after closing at $2.92 on Wednesday.

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"The FDA's clearance to proceed with our first-in-human trial for HCW9218 in pancreatic cancer is an important milestone for HCW Biologics and our efforts to advance the development of potentially groundbreaking immunotherapy candidates for cancer and other age-related diseases" said Hing C. Wong, Founder and CEO of HCW Biologics.

Lisa Giles and Gary Winer were named to the company's board of directors on Wednesday.