Galera Therapeutics (NASDAQ:GRTX) stock is rocketing higher on Tuesday after the cancer treatment company revealed corrected results from a Phase 3 clinical trial.
According to a press release from the company, its Phase 3 ROMAN study covering the treatment of “RT-induced severe oral mucositis (SOM) in patients with locally advanced head and neck cancer (HNC)” with avasopasem did better than expected.
Galera Therapeutics says this has avasopasem reaching its primary endpoint of reducing the incidence of SOM. That’s a switch from the previous trial results, which didn’t have SOM reduction reaching significant levels.
Galera Therapeutics notes that the original results were wrong due to an error by a contract research organization. Fixing this error resulted in improvements for both primary and secondary endpoints.
Mel Sorensen, M.D., president and CEO of Galera Therapeutics, said this about the study results sending GRTX stock higher today.
“Given the high unmet medical need for patients with head and neck cancer who develop radiotherapy-induced severe oral mucositis, we are gratified that the Phase 3 ROMAN trial achieved statistical significance on the primary endpoint after the correction of the statistical programming error.”
With today’s surprising news comes a boost in trading for GRTX stock. That has some 187 million shares on the move as of this writing. That’s a massive jump from the company’s daily average trading volume of about 3 million units.
GRTX stock is up 117.7% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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