The biotech just announced positive data from its ongoing Phase 2b study of its breast cancer treatment candidate.
The most common movement of the stock market based on positive news; Immutep Ltd. (IMMP) shares rallied on Thursday just like any other biotech or pharmaceutical firm that goes up with positive clinical trial news.
On Dec. 10, the biotech reported promising data from its ongoing Phase 2b AIPAC study of theeftilagimod alpha, the lead breast cancer candidate. The stock rallied with a massive push following the encouraging first Overall Survival (OS) follow up data.
Shares of Immutep skyrocketed above 250% from the prior close of $2.15 to a 52-week high of $7.95. This points the stock to the 5-year high. IMMP stock closed the trading at $5.69 up by almost 165%.
The volume was massively driven by the breast treatment candidate news. IMMP was the highest traded stock on Thursday with a hefty volume of approximately 285 million, up from the average volume of 4.7 million.
The company has also announced that its Chinese partner, EOC Pharma will begin a new Phase 2 trial of the same study with over 152 metastatic breast cancer patients in China.
Immutep’s eftilagimodalpha is being evaluated in combination with paclitaxel chemotherapyin comparison to paclitaxel chemotherapy. The study is examining the impact of this combination in patients with HR-positive metastatic breast cancer.
The company will also present this data in this week’s virtual conference atthe San Antonio Breast Cancer Symposium 2020.
The data shows that an antigen-presenting cell (APC) activator for the first time recorded a positive Overall Survival (OS) in a randomized arrangement in breast cancer patients.
Based on the collection of ongoing OS data, the company expects to report the final data in mid-2021. Immutep’s Chinese partner has obtained positive scientific advice from the Chinese competent authority and they are looking forward to enrolling the first patient and apply the dose in the first quarter of 2021.
Immutep is confident that its potential candidate, efti, is turning out to be beneficial for many cancer patients which include breast cancer as well. The CEO of Immutep, Marc Voigt stated that they have recorded more material OS benefit than PFS benefit in the initial stages of the Phase 2 study.
Immutep Ltd. (IMMP) look forward to warranting a registrational perspective towards an important new class of medicines for cancer patients. Breast cancer is one of the rising cancer diseases and in 2019, it caused almost 43,000 deaths.
Moreover, Immutep’s collaboration with EOC Pharma open ways for the company in Chinese market.