Purple Biotech ASCO Presentation Fails to Cheer Investors

Purple Biotech Ltd PPBT has announced new data from the first dose level cohort of its ongoing Phase 1/2 trial evaluating NT219 in various solid tumors.
Data were presented at the 2021 ASCO Annual Meeting.
The trial is evaluating NT219 as monotherapy, in addition to a subsequent dose escalation of NT219 in combination with cetuximab for the treatment of recurrent or metastatic solid tumors and squamous cell carcinoma of the head and neck cancer.
As of the cutoff date of 25 April, six patients have been enrolled in the study.
Initial results from the first dose level cohort revealed NT219 was well-tolerated with minimal adverse events.
In addition, a partial response was observed in a patient with refractory gastroesophageal junction cancer, previously treated with four prior lines of therapies.
The patient was treated for 22 weeks. A complete remission was seen at the largest target lesion and one non-target lesion, while the stable disease was observed at the other non-target lesion.
NT219 is a dual inhibitor that simultaneously targets IRS1/2 and STAT3, known as important oncogenic drivers and major drug resistance pathways in hard-to-treat cancers.
Price Action: PPBT shares are down 21.4% at $5.26 during the market session on the last check Friday.