- Immix Biopharma Inc (NASDAQ: IMMX) is a clinical-stage biopharmaceutical company focused on developing Tissue-Specific Therapeutics in inflammation and oncology.
- The company on Friday announced positive interim data for its drug candidate IMX-110.
- The IMMX stock plunged 71.8% YTD and declined 55.59% since its listing on the Nasdaq exchange on December 16, 2021.
The Immix Biopharma Inc. (NASDAQ: IMMX) stock surged 55% after announcing positive results for its lead drug candidate IMX-110 in the first treatment cycle.
The stock traded at US$2.5425 at 1:00 pm ET on Friday.
The company said that its lead drug candidate IMX-110 produced a 75% survival rate in mice during a cancer study of Soft Tissue Sarcoma (STS). According to experts, the results showed huge improvement over Janssen’s FDA approved drug Trabectedin.
Immix Biopharma CEO Ilya Rachman said the study is a preview of the anti-tumor activity to be shown in the next two clinical trials this year.
Rachman added that the research team is excited to see “continued evidence of IMX-110 anti-tumor activity versus approved therapies”.
The Soft Tissue Sarcoma (STS) market is worth around US$3 billion. Experts believe it is expected to more than double by 2020.
The company has not generated any revenue in the quarter ended March 31, 2022. Its net loss was US$1.33 million or US$0.10 per share diluted compared to US$1.02 million or US$0.30 per share diluted in the March quarter of 2021. The company reported cash reserves of US$19.06 million as of March 31, 2022, versus US$17.64 million as of December 31, 2021.
Share buyback plan
On May 9, the company’s board of directors authorized the purchase of up to US$1 million worth of the company’s common stocks under a share repurchase plan. The company had around 13.9 million shares of common stock outstanding as of April 15, 2022.
It launched its IPO in December 2021.
Los Angles, California-based Immix Biopharma Inc is a clinical-stage biopharmaceutical company focused on developing Tissue-Specific Therapeutics in inflammation, oncology, and immuno-dysregulated diseases. The company has a market capitalization of US$35.55 million. The stock traded in the range of US$8.68 to US$1.25 in the last 52-weeks.
The Nasdaq Biotechnology Index fell around 23.53% YTD and 23.93% in one year. At the same time, the IMMX stock plunged 71.8% YD and dropped 55.59% since its listing on the Nasdaq exchange on December 16, 2021.
The healthcare sector is complex, with many stakeholders. These companies start earning only when their drugs get approved by regulatory bodies. Hence, investors should exercise caution while investing in the stock market.