The S&P/ASX 200 Health Care Index (ASX: XHJ) is in the red today, but one ASX biotech share is beating the trend.
The Vectus Biosystems Ltd (ASX: VBS) share price is soaring 13.6%, currently trading at $1.25. In contrast, the ASX 200 Health Care Index is down 0.57% at the time of writing.
So why is this ASX biotech share having such a good day?
Human trial success
Vectus is working on treatments for fibrosis and high blood pressure to combat heart, kidney and liver diseases.
The company’s lead compound is VB0004 to treat high blood pressure and hardening functional tissue.
In today’s news, the company reported the results of the Single Ascending Dose Study for a human clinical trial. Five doses of VB0004 were administered with no adverse events to date. The 300mg dose significantly added to the therapeutic safety margin for VB0004.
Pharmacokinetic analysis showed the plasma half-life is 17 to 17.5 hours and maximal concentration after dosing takes place at six to eight hours. Vectus said this showed VB0004 was responsive to one dose per day.
A Multiple Ascending Dose (MAD) study involving the daily doses of 10mg for 14 days of VB004 to patients also showed no adverse events. A second group of people will now be involved in the MAD study, with three people already enrolled.
The results were reviewed by the Trial Safety Review Committee.
Vectus chair Ron Shiner said:
This is an exciting development in Vectus’ journey of validating an orally-dosable anti-fibrotic, which could not just slow down disease progression, but in fact, potentially provide clinical reversal of existing damage in a truly transformational agent.
Vectus share price snapshot
Vectus shares have rocketed nearly 29% in the past 12 months, but they are down 11% year to date.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has climbed 2% during the past year.
The ASX biotech share has a market capitalisation of about $45 million based on its current share price.
The post Why is this ASX biotech share leaping 14% today? appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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