Purple Biotech Ltd. (PPBT), a biotechnology firm in its clinical stage, announced promising final results from the Phase 2 trial of its primary drug, CM24, targeting pancreatic cancer on Monday. This news has driven the company's stock to rise by over 50 percent in pre-market trading.
The Phase 2 trial assessed the efficacy of CM24 when combined with Bristol Myers Squibb's nivolumab and standard-of-care chemotherapy for those with second-line pancreatic cancer. The conclusive data revealed that the use of CM24 in conjunction with nivolumab and chemotherapy significantly diminished the risk of mortality by 79 percent. Additionally, there was a remarkable median overall survival (OS) improvement of 5.1 months and a more than 90 percent reduction in the risk of disease progression or death.
Looking ahead, Purple Biotech intends to embark on a Phase 2b trial of CM24, exploring its potential benefits in various tumor types.
Prior to this announcement, Purple Biotech's shares closed at $3.355 last Friday, marking a 3.23 percent increase. Over the past year, the stock has oscillated between a low of $2.00 and a high of $23.20.
