‘Significant milestone’: Why the Imugene share price is soaring 30% today

The Imugene Ltd (ASX: IMU) share price is exploding today on the back of phase two trial results.

Imugene shares have soared a mammoth 30.3% to 21.5 cents each at the time of writing after hitting a high of 23.5 cents a share today. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 1.72% so far today.

So what did the immuno-oncology company announce today?

‘Statistically significant’ data

Imugene reported positive survival rates among advanced gastric cancer patients treated with HER-Vaxx. HER-VAxx is a B-cell immunotherapy candidate for treatment of tumours over-expressing the HER-2/neu protein.

Patients treated with HER-Vaxx were found to have a 41.5% less chance of death than if they had just been given chemotherapy.

Overall, the median survival for patients treated with HER-Vaxx was 13.9 months. This compared to 8.3 months for those patients only given chemotherapy.

Imugene highlighted the trial result affirms a “favourable survival outcome with no further toxicity for the use of HER-Vaxx combined with chemotherapy compared to just treatment with chemotherapy”.

Commenting on today’s results, Imugene CEO Leslie Chong said:

I am delighted to report that we have achieved this significant milestone for patients with advanced gastric cancer.

The final analysis favoured the survival outcome for HER-Vaxx and I note the Independent Data Monitoring Committee previously suggested to shorten the study by lowering the number of patients.

In more positive news, the company has received approval to use a 100 microgram dose of the HER-Vaxx in further studies to start soon.

This higher dose could improve antibody generation and, therefore, the clinical response to HER-Vaxx.

Imugene share price snapshot

The Imugene share price has lost 41% in the past 12 months, while it has fallen around 45% year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has lost nearly 10% in a year.

Imugene has a market capitalisation of about $1.3 billion based on the current share price.

The post ‘Significant milestone’: Why the Imugene share price is soaring 30% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. 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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