The Starpharma Holdings Limited (ASX: SPL) share price has been a very positive performer on Tuesday.
At one stage today, the dendrimer product developer’s shares jumped 7.5% to hit a record high of $2.10.
The Starpharma share price has since given back some of these gains but is still up 4% to $2.03 at the time of writing.
Why is the Starpharma share price racing higher?
Investors have been buying Starpharma’s shares after it provided an update on its AZD0466 product.
AZD0466 is a highly optimised nanomedicine formulation of AstraZeneca’s novel dual Bcl2/xL inhibitor which utilises Starpharma’s DEP technology. It utilises DEP to improve the formulation characteristics and therapeutic index of the anti-cancer agent and is currently in a phase 1 trial in the United States.
According to today’s update, AstraZeneca has informed Starpharma of its intention to expand the clinical program for AZD0466 to include a multi-centre global Phase 1 study. The study will recruit patients with acute leukaemias.
The healthcare giant made the move after preclinical data highlighted the potent and broad ranging anti-cancer activity of AZD0466 which results from the dual Bcl2 and Bcl/xL activity.
It provided positive preclinical data for AZD0466 in haematological cancers, including those resistant to venetoclax. AZD0466 also demonstrated superior anti-cancer activity in preclinical models of haematological cancers, including Acute Myeloid Leukemia (AML), Acute Lymphoblastic Leukemia (ALL) and Non-Hodgkin’s Lymphoma.
Starpharma’s CEO, Dr Jackie Fairley, was very pleased with the news.
She commented: “We are excited to see the global expansion of the clinical program for AZD0466 and AstraZeneca’s commitment to bringing this important medicine to patients in need, as quickly as possible.”
“There has been great enthusiasm for the global study from investigators and we understand that the intention is to expedite development of AZD0466 with the objective of obtaining regulatory approval for specific indications of high unmet clinical need. We look forward to further progress and clinical data for this exciting oncology medicine,” Dr Fairley concluded.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- Starpharma (ASX:SPL) share price dips on quarterly update
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Why the Starpharma (ASX:SPL) share price hit a record high today appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/2MNOmdV
Leave a Reply