Aptevo completes the first remission observed in a patient in Cohort 6 and continues dosing in Cohort 7 of its ongoing APVO436 Phase 1 clinical trial.
Aptevo Therapeutics Inc. (APVO) stock rallied on Tuesday and it was for a good reason. The stock surged high followed by the update of the Company’s ongoing APVO436 Phase 1 clinical trial.
The news came just before yesterday’s market opening and APVO rallied up to 28% in the premarket. APVO kicked off at $8 compared to the previous close of $6.30.
Shares of Aptevo surged as high as 78.25% by the end of session trading at $11.23. The stock traded at its highest price since July 2019. The investors took Aptevo’s update of its experimental cancer treatment with fervor as the trading volume raised up to 31 million.
Experimental cancer treatment update
The company reported that its experimental cancer treatment has led to complete remission. The biotech firm is heading forward with its plans on its ongoing APVO436 Phase 1 clinical trial.
Based on its preliminary data, Aptevo reported that the patient under the clinical-trial of Cohort 6 showed complete remission. The Phase 1 trials recorded that patient’s bone marrow blasts decreased at screen to 6% from 29% after completion of the first cycle of treatment, and to 0% after the second cycle of treatment. The absolute neutrophil count (ANC) and platelet count of the patient obtained completed remission criteria (CR).
APVO436 is Aptevo’s novel anti-CD123 x anti-CD3 targeted investigational bispecific antibody therapy that is being tested for the treatment of myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML). APVO436 is built of the next generation proprietary ADAPTIR™ protein therapeutic platform of the company.
The company is now heading towards a critical phase of the study after it was determined through pharmacokinetic modelling that suggested that dosing cohorts 5 through 8 is in a therapeutic range, which could result in potential clinical activity of the drug.
Through Aptevo’s differentiated ADAPTIR™ bispecific technology platform, the company expects to offer a cost-effective and more convenient solution to cancer treatments compared to other immunotherapies such as CAR-T therapies. The bispecific technologies come up with a more competitive ‘off-the-shelf’ solution in the modern field of cancer immunotherapy.
Aptevo Therapeutics Inc. (APVO) after achieving the desired outcome from the initial stages of Phase 1 as it is set to move forward into cohort 7.
The CEO of the company, Marvin White commented that they are continuing to enhance the dose escalation and monitoring potential clinical responses as they enter new phases of does cohorts.
It is anticipated that the AML market will grow up to $17 billion annually by 2024, and the MDS market is expected to grow up to $2.4 billion annually by 2022. Aptevo Therapeutics Inc. (APVO) has a market capitalization of just above $36 million and entering into any of these markets mean that it would bring a massive amount of revenue for the company.