Friday, May 14, 2021

What’s taking the Onconova Therapeutics Inc. (ONTX) stock to new heights?

Onconova Therapeutics, Inc. (ONTX), a clinical-stage biopharmaceutical company focused on commercializing novel products for the treatment of patients with cancer, announced today that the first patient has been dosed with rigosertib, for the Phase 2 study to evaluate the effectiveness and side effects of the drug, to assess drug reaction to people effected with recessive dystrophic epidermolysis bullosa (RDEB)-associated locally metastatic squamous cell carcinoma (SCC). ONTX stock price increased adjacent to the news.


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At last check in current trading, shares of Onconova Therapeutics Inc. (ONTX) surged by 17.23% at $0.77.Onconova Therapeutics Inc.’s stock finished the last trading session at $0.65. The number of shares exchanged was 4.64 million, less than the company’s 50-day daily volume of 39.9 million. The stock has returned 40.34% so far this year.

About Phase 2 study


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The patient was given rigosertib at EB house Austria, an established site for epidermolysis bullosa at the University Hospital Salzburg, Austria. Furthermore, several centers are expected to open in the United States and the United Kingdom, for extensive study on this highly rare disease.

The study will consist of, 12 patients who will be given rigosertib, either orally or through an intravenous method. The administrative method of the drug will depend on the clinician’s diagnosis, considering several clinical manifestations of the disease, due to which a preferred mode of administration will be chosen for rigosertib. The patients may have skin desquamation due to which intravenous method may not be feasible, or may have a form of esophageal strictures, due to which oral administration will be avoided.

The study consists of two endpoints. The first being to evaluate the anti-tumor properties of rigosertib in RDEB patients with advanced SCC, who have failed to improve or provide an adequate response to previous health care. The second endpoint is to assess the safety of the drug in the general population. Quality of life and tolerability of the drug effecting the patients will also be studied. The patients will be given doses for up to one year, with a trial duration expected to be approximately two and half years.

Conclusion.

Onconova continues to conduct clinical work investigating rigosertib for SCC. A potential breakthrough for the treatment of this rare disease has peaked investor interest with ONTX stock price increasing after the first dosage in the clinical study.

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