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The ASX healthcare stocks like Imugene Ltd (ASX:IMU) share price has experienced a notable surge, rising by 10.4% as of the current trading session. This surge is attributed to Imugene's announcement of a positive update from an ongoing clinical trial. This Australian biotechnology company specializes in clinical-stage immuno-oncology. In comparison, the All Ordinaries Index (ASX:XAO) has seen a more modest increase of 0.2% during the same time frame.
Positive Clinical Trial Results Drive Gains
Imugene (ASX IMU)'s surge in share price is the result of its positive clinical trial update. The company is conducting a Phase 1 MAST (Metastatic Advanced Solid Tumours) trial to evaluate the safety and efficacy of a novel cancer-killing virus, CF33-hNIS (VAXINIA).
The trial was initiated in May 2022, and it is expected to run for approximately 24 months, with funding allocated from existing budgets and resources. Patients enrolled in the study are administered either CF33-hNIS alone or in combination with pembrolizumab, with the delivery method being either intravenous or intratumoral.
The initial results that have generated considerable investor enthusiasm include findings for six patients with gastrointestinal cancers who received CF33-hNIS alone. This group included patients with colorectal cancer, bile duct cancer, pancreatic cancer, and liver cancer. The positive treatment effects observed in these patients demonstrated a disease control rate of 75%.
CEO Leslie Chong commented on the results, stating that Phase 1 trials primarily focus on safety, tolerability, and early response signals to determine the optimal dosage for further development. Notably, the early positive response data observed with VAXINIA in hard-to-treat bile duct cancer suggests that it may be a potent anti-cancer drug, warranting further investigation at higher dose levels. Importantly, with no adverse safety signals, higher dosing may provide VAXINIA with a wide therapeutic window, which holds significant value in the development of oncology drugs.
The ongoing clinical study aims to recruit cancer patients across approximately 10 trial sites in both the United States and Australia.
Imugene Share Price Snapshot
Despite today's significant increase, the Imugene share price has faced challenges in 2023, with a decline of 61%. Over the past 12 months, shares have experienced a more substantial drop of 73%. However, long-term investors who purchased shares five years ago continue to see significant gains, with a growth rate of 170%.
