The Telix Pharmaceuticals Ltd (ASX: TLX) share price is continuing its good run this week amid a company announcement on its study to treat bladder cancer.
The biopharmaceutical company has informed investors it has delivered its first dose to a patient in a Phase 1 study investigating non-muscle-invasive bladder cancer (NMIBC).
At the time of writing, the Telix share price is at $8.04, an 8.65% jump on yesterday’s close. Earlier, it reached a high of $8.10.
A first step in cancer study
Telix updated the market on its targeted alpha therapy candidate TLX250-CDx for bladder cancer. The therapy is designed to target a receptor overexpressed in many solid tumours, including urologic malignancies.
The current study is being conducted in Nantes with Telix’s French-based partner Atonco. It will trial the therapy on 6 patients over 12 months.
NMIBC accounts for around 75-85% of new bladder cancer diagnoses. Bladder cancer is the sixth most common form of cancer for men and the tenth most common cancer worldwide
Telix is hoping its product will deliver “high amounts of energy” to cancer tissue whilst also decreasing the risk of damage to healthy cells, making radiation treatment more effective.
In July 2020, the US Food and Drug Administration (FDA) granted Breakthrough Therapy (BT) designation for TLX250-CDx in the fight against kidney cancer.
Telix’s chief medical officer Dr Colin Hayward said the company was looking to extend TLX250-CDx’s development for numerous cancer types where there is “unmet medical need”.
Cancer treatment is not Telix’s only project. Just yesterday, the Telix share price gained more than 7% as it announced that the US Food and Drug Agency had approved its prostate cancer imaging product Illuccix.
In other company news this morning, Telix also announced it would cease a number of its securities due to “expiry of option or other convertible security without exercise or conversion”.
In all, the company ceased more than 1 million securities, including various option and rights shares.
Telix share price snapshot
The Telix share price has shot up an impressive 101% over the last 12 months.
Telix has a market capitalisation of more than $2.2 billion with just over 285 million shares issued.
The post Why is the Telix (ASX:TLX) share price jumping 8% 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 Bruce Jackson.
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