Rubius Therapeutics (NASDAQ:RUBY) stock was flying higher on Monday after announcing early results from a clinical trial of its new cancer treatment. The clinical-stage biopharmaceutical company is developing a new treatment to battle cancer that makes use of genetically engineered red blood cells.
Rubius Therapeutics is conducting a Phase1/2 clinical trial of its Red Platform to treat advanced solid tumors. This has it testing out RTX-240 on patients. Early results from the trials show that the treatment option has the potential to reduce cancer tumors.
The data includes one patient whose disease progressed while on anti-PD-L1 therapy. After starting the new treatment from Rubius Therapeutics, the patient saw a confirmed partial response with a 54% reduction. Another patient saw an unconfirmed partial response with complete resolution in the trial. Several others also saw their cancer not progress while on the treatment.
Christina Coughlin, M.D., Ph.D., CMO at Rubius Therapeutics, said this about the positive news for RUBY stock.
“These initial data are incredibly exciting and demonstrate that RTX-240 has the potential to generate single-agent activity in patients with solid tumors, including a cold tumor such as metastatic uveal melanoma, where other treatments have failed to induce responses in patients.
News of the clinical trial data resulted in heavy trading for RUBY stock today. As of this writing, more than 25 million shares have changed hands. That’s quite the spike compared to the company’s daily average trading volume of roughly 771,000 shares.
RUBY stock was up 79.1% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
