Surface Oncology To Test SRF388 Plus Keytruda Combo In Solid Tumor Settings

Surface Oncology Inc (NASDAQ: SURF) has entered into a clinical trial collaboration with Merck & Co (NYSE: MRK) to evaluate Surface's SRF388 with the latter's Keytruda (pembrolizumab).

• This combination will be studied as a component of the Phase 1 study of SRF388. It will be evaluated in patients with solid tumors, focusing on patients with liver cancer and kidney cancer.
• Detailed initial clinical results are expected to be reported at a medical conference in the first half of 2021.
• SRF388 is a fully human anti-IL-27 antibody designed to inhibit the activity of this immunosuppressive cytokine.
• Separately, Surface Oncology reported a fourth quarter-end cash balance of $175.1 million, sufficient to provide cash runway through 2023.
• Revenue recognized for the quarter was $87.6 million, compared to revenue of less than $1.0 million a year ago, attributable to an $85 million upfront payment received from GlaxoSmithKline Plc (NYSE: GSK).
• Price Action: SURF shares increased 14.9% at $8.46 on the last check Tuesday.