Shares of biotech company Immunomedics (NASDAQ:IMMU) are on the rise Monday after the company halted its Phase 3 study of its breast cancer drug due to “compelling evidence of efficacy.” In fact, the Immunomedics news had IMMU stock up more than 110% at one point during the day.
The study, referred to as ASCENT, began to test the drug’s treatment of triple-negative breast cancer (TNBC). The decision to stop the process was made following unanimous recommendation by the independent Data Safety Monitoring Committee (DSMC) during a recent routine review of the study.
“Triple-negative breast cancer (TNBC) is a disease with extremely limited treatment options beyond classic chemotherapy,” Julie R. Gralow, MD, Jill Bennett Endowed Professor of Breast Cancer, University of Washington School of Medicine said. “The remarkable results we observed across multiple endpoints in the ASCENT study warranted early discontinuation of the trial and are indicative of a potential major advance in the treatment of this devastating disease that affects younger women and African American women at higher rates. I look forward to the release of the full and final analyses of these study data when they are available for public presentation.”
ASCENT’s results bode well for the possible FDA approval of the drug for those suffering from TNBC. And adding this option could change and save the lives of a number of people across the globe.
“Today’s announcement marks a significant milestone towards fulfilling our promise to patients globally with TNBC of providing a new treatment option that can meaningfully improve their lives,” Dr. Behzad Aghazadeh, executive chairman of Immunomedics, said. “We are grateful to all the patients, their families and healthcare providers who participated in the ASCENT study. On behalf of all of my colleagues at Immunomedics, we remain committed to working tirelessly to bring this potentially transformative drug to all mTNBC patients in need.”
IMMU stock had nearly doubled as of Monday afternoon.