Shares of IDEAYA Biosciences, Inc. (IDYA) gained nearly 20% on Monday morning after announcing positive interim phase 2 monotherapy expansion data for IDE397.
IDYA is trading at $40.91, up $6.65 or 19.40%, on the Nasdaq. The stock began trading at $39.28 after closing Friday at $34.26. The stock has traded between $20.90 and $47.74 in the past 52-week period.
IDEAYA Biosciences announced positive clinical data for the IDE397 Phase 2 monotherapy expansion dose in methylthioadenosine phosphorylase (MTAP)-deletion urothelial and non-small cell lung cancer (NSCLC) patients.
IDE397 is a potent and selective potential first-in-class methionine adenosyltransferase 2 alpha (MAT2A) inhibitor in Phase 2 clinical trials for the treatment of MTAP-deletion solid tumors.
"We are highly encouraged by the preliminary clinical efficacy and favorable safety profile observed with IDE397 at the 30mg once-a-day expansion dose, including multiple partial responses and one complete response by RECIST 1.1 in MTAP-deletion urothelial and lung cancer patients. In addition, at this expansion dose we observed a favorable adverse event profile with no drug-related serious adverse events and mid-single digit percent grade 3 or higher drug-related adverse events, which we believe has the potential to enable longer duration dosing as well as combinations," said Dr. Darrin Beaupre, M.D., Ph.D., Chief Medical Officer, IDEAYA Biosciences.
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