Shares of Aptevo Therapeutics Inc. (APVO) are gaining over 12% on Thursday morning after the biotechnology company and Alligator Bioscience reported positive early trial results for cancer drug.
APVO is currently trading at $7.18, up $0.78 or 12.19%, on the Nasdaq. The stock opened its trading at $7.65 after closing Wednesday's trading at $6.40. The stock has traded between $5.35 and $92.62 in the past 52-week period.
Alligator Bioscience and Aptevo Therapeutics announced positive interim data from the dose escalation phase of their Phase 1 trial evaluating ALG.APV-527 for the treatment of solid tumors likely to express the tumor antigen 5T4.
"I am pleased to share that we are now dosing cohort four, heading into higher dose ranges where we believe there is potential for increased signs of clinical activity based on preclinical models. We have treated patients with multiple tumor types including breast, pancreatic, non-small cell lung cancer and colorectal cancer. It is our belief that continued analysis of this cross section of tumor types will offer important insights about ALG.APV-527 that can be used to increase our success in later stage development," said Dirk Huebner, MD, Chief Medical Officer at Aptevo.
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