The PYC Therapeutics Ltd (ASX: PYC) share price leapt 9% higher to 18 cents today before slipping to trade at 17 cents by late afternoon. The share price gains came after the company announced that its lead drug was effective in all patient-derived models tested.
PYC Therapeutics shareholders have had much to celebrate this year, with the share price up 192% in 2020. By comparison the All Ordinaries Index (ASX: XAO) is down 8% since 2 January.
Not that the PYC share price was spared the pain during the wider COVID-19 driven market rout earlier this year. That saw the price tumble 29% from 21 February through to 23 March.
Investors lucky enough to buy at that low will be sitting on gains of 250% today.
What does PYC Therapeutics do?
PYC Therapeutics is a drug development company specialising in delivering large drugs directly into patients’ cells. Its cell penetrating peptides (CPPs) are designed to overcome what the company calls ‘the delivery challenge’. Its work involves directly targeting cells ‘undruggable genomes’ for maximum impact. The company uses its CPP platform to develop a range of therapies, with a current focus on inherited retinal diseases.
PYC Therapeutics has a market cap of $504 million.
Why did the PYC share price lift?
It is hoped that PYC’s lead drug program, VP-001, becomes the first disease-modifying therapy for patients with Retinitis Pigmentosa type 11 (RP11). On Monday, the company announced that the critical achievement for its lead program lay in showing the positive impact of the drug on models derived from 5 patients suffering from RP11.
This morning, PYC Therapeutics reported that results from all 5 of its patient derived models had shown the desired effect of its drug on the target gene. The company stated that the results offered “the strongest indication to date that the drug will be effective in all patients with RP11 when the program enters clinical development”.
PYC CEO Rohan Hockings said:
RP11 is a disease of insufficient PRPF3 protein. This result shows VP-001 increases PRPF31 protein in patient derived models. This is a major milestone for the VP-001 program, and further increases our confidence as we approach the clinic. Only in precision medicine can you see such meaningful readouts at this stage of development.
With the PYC share price already up more than 190% in 2020, I think this is one share to keep a close eye on.
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Returns as of 6th October 2020
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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