Processa Pharmaceuticals Inc (NASDAQ: PCSA) says it has completed a safety evaluation of its cancer treatment. Its shares rallied well over 150% on Thursday.
Processa Pharmaceuticals finishes a Phase 1b trial
The pharmaceuticals company had set out to test the safety tolerability of NGC-Cap – Next Generation Capecitabine in a Phase 1b trial.
Now that it’s done with that study, Processa has selected two dosage regimens for a Phase 2 trial aimed at evaluating the combination of its PCS6422 enzyme inhibitor and Capecitabine (common chemotherapy) in the treatment of metastatic breast cancer.
In November, the Hanover-headquartered firm said it lost $2.08 million in its third quarter versus $6.02 million in the same quarter last year.
Processa Pharmaceuticals stock is still down close to 70% versus its high last month.
Processa Pharmaceuticals stock recently had a reverse split
The news arrives only days after the U.S. Food and Drug Administration (FDA) said Processa should focus the Phase 2 study of next-gen capecitabine on breast cancer. David Young – its president of R&D said in a press release today:
This [study] suggests NGC-Cap can distribute more 5-FU to cancer cells, potentially forming more cancer-killing metabolites that has shown to improve the cancer-killing effect of NGC-Cap.
Last week, the pharmaceutical firm moved ahead with a 1-for-20 reverse stock split to regain compliance and remain listed on Nasdaq. $PCSA also proposed equity offering earlier this month.
Wall Street currently has a consensus “hold” rating on Processa Pharmaceuticals stock that does not pay a dividend at writing.
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