What’s going on with the Imugene share price on Thursday?

The Imugene Limited (ASX: IMU) share price is in the red today despite a clinical trial update.

Imugene shares are currently trading at 25.75 cents, a 0.96% fall. For perspective, the S&P/ASX 200 Health Care Index (ASX: XHJ) is sliding 0.5% today. The S&P/ASX 200 Index (ASX: XJO) is also falling 1.88% today.

Let’s take a look at what Imugene reported to the market today.

What’s going on?

Imugene is working on immunotherapies to eradicate tumours in cancer patients. The company is currently conducting a phase one clinical trial of Vaxinia, a cancer-killing oncolytic virus (CF33-hNIS).

Today, Imugene advised it is escalating the dose in patients treated with Vaxinia.

After the first three patients received the lowest dose of Vaxinia, the Cohort Review Committee (CRC) agreed Vaxinia is safe, with “no dose-limiting toxicities”. The CRC also found there were “no serious adverse reactions” after reviewing all the safety and tolerability data for all patients.

With this in mind, Imugene will now escalate the dose to mid-dose level for the second Vaxinia phase one cohort of patients.

One patients have safely been treated with the lowest doses of Vaxinia while new patients will receive the treatment in combination with immunotherapy y pembrolizumab. Imugene expects this will take place once the second cohort has been cleared.

Commenting on the news, Imugene CEO and managing director Leslie Chong, said:

Our VAXINIA trial has made headway since commencement in May.

We expect this to continue as site activation and patient recruitment builds momentum and
we look forward to updating our stakeholders as this positive progress continues throughout the year

Imugene is conducting the trial in partnership with the City of Hope in Los Angeles, USA. In May, the first patient was dosed as part of the clinical trial.

The team is aiming to recruit 100 patients at 10 trial sites in Australia and the USA.

Imugene share price snapshot

The Imugene share price has fallen 36% in the year to date. In the past month, it has climbed 5%.

For perspective, the ASX 200 Health Care Index has fallen nearly 11% in the past year.

Imugene has a market capitalisation of about $1.5 billion based on the current share price.

The post What’s going on with the Imugene share price on Thursday? 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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