News

ALX Oncology Shares Rise on Positive Response and Survival Data in Phase 1b Gastric Cancer Trial

July 7, 2021 (Investorideas.com Newswire) Shares of ALX Oncology Holdings Inc. traded 10% higher after the company reported new data from its Phase 1b ASPEN-01 study of ALX148 demonstrated a robust objective response in patients with gastric or gastroesophageal junction cancer.

image

Clinical-stage immuno-oncology company ALX Oncology Holdings Inc. (ALXO:NASDAQ), which is focused on addressing cancer by developing therapies aimed to block the CD47 checkpoint mechanism and bridge the innate and adaptive immune system, announced “the presentation of updated clinical data from its ongoing ASPEN-01 trial evaluating ALX148 in combination with trastuzumab and chemotherapy for the treatment of gastric or gastroesophageal junction cancer (GC).”

ALX Oncology stated that “the new results, shared in an oral presentation at the 23rd World Congress on Gastrointestinal Cancer, show that ALX148 in combination with trastuzumab and chemotherapy is highly active and well-tolerated in patients with second-line or greater (“>2L”) HER2 positive GC [abstract SO-31].”

Hyun Cheol Chung, M.D., an investigator in the ASPEN-01 study from the Yonsei Cancer Center in South Korea, commented, “The data that continue to emerge from this clinical trial are tremendously encouraging, suggesting that the combination of ALX148 with trastuzumab, ramucirumab and paclitaxel may offer an important advancement for patients who have progressed on or after prior trastuzumab and chemotherapy…Importantly, these results also support ALX148’s tolerability profile, further differentiating it as a unique CD47 blocker that may be used in combination with an array of anti-cancer drugs, including chemotherapy.”

The company advised that a total of 18 patients in the Phase 1b ASPEN-01 trial had been treated with either 10 mg/kg or 15 mg/kg of ALX148 once weekly with standard dosing regimens of trastuzumab, ramucirumab and paclitaxel through the data cut-off date of May 3, 2021.

The firm indicated that the data obtained in the study showed that “in patients with >2L HER2 positive GC, whose tumors have progressed upon prior trastuzumab therapy, ALX148 demonstrates a promising initial confirmed objective response rate (ORR) of 72% and estimated overall survival (OS) at 12 months of 76%.”

ALX Oncology noted that the recent results were highly favorable and far superior to those observed in prior randomized studies. The company pointed out that the historic controlled RAINBOW study reported an ORR of only 28% and 12-month OS of just 40% and that the DESTINY-01 trial results measured ORR of 41% and 12-month OS of 52%.

The company stated that the maximum administered dose of ALX148 in combination was 15 mg/kg once weekly and that it believes that “the preliminary data suggests that ALX148 can be combined with trastuzumab, ramucirumab and paclitaxel with no maximum tolerated dose reached.”

ALX Oncology a clinical-stage immuno-oncology company based in Burlingame, Calif. The firm is engaged in the fight against cancer by creating and developing therapies that are designed to block the CD47 checkpoint pathway to mobilize the patient’s innate and adaptive immune system. The company indicated that its lead product candidate ALX148, which combines a high-affinity CD47 binding domain with an inactivated proprietary Fc domain, has displayed promising responses in in both hematologic and solid malignancies clinical studies when used in combination with other anti-cancer agents. ALX Oncology said it plans to initiate further clinical studies of ALX148 to evaluate its potential use in treating AML and myelodysplastic syndromes.

ALX Oncology has a market cap of around $2.2 billion with approximately 40.23 million shares outstanding and a short interest of about 5.0%. ALXO shares opened greater than 20% higher today at $67.50 (+$11.60, +20.75%) over Friday’s $55.90 closing price. The stock has traded today between $61.03 and $70.00 per share and is currently trading at $61.78 (+$5.88, +10.52%).

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Follow Us on StockTwits

BiotechIndustryStocks.com - A Leading Global Investor Website for Biotech Industry Stocks

BiotechIndustryStocks.com – investing ideas in biotechnology stocks, medical technology and life sciences

Like Biotech Stocks? View our Biotech Stocks Directory

Buy a biotech guest post on Investorideas.com

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News