Why Are Evaxion Biotech Shares Trading Higher Today

Evaxion Biotech A/S (NASDAQ:EVAX) presented clinical data from its EVX-01 Phase 1 dose escalation trial in metastatic melanoma at the 2023 ASCO annual meeting.
The Phase 1 trial successfully met primary endpoints for the safety and tolerability of EVX-01 in metastatic melanoma patients and demonstrated positive clinical responses in 8 out of 12 (67%) treated patients.
Also Read: Evaxion Biotech Says Personalized Cancer Immunotherapy Meets Primary Endpoint In Melanoma Patients.
In addition, Evaxion's proprietary AI technology PIONEER was able to identify high-quality cancer vaccine targets, so-called neoantigens, associated with longer progression-free survival.
The study demonstrated the ability of the PIONEER platform to identify vaccine targets associated with improved patient outcomes.
Stratification based on PIONEER scores outperformed tumor mutational burden as a predictive biomarker, with patients having high-quality neoantigens showing better treatment responses and longer progression-free survival.
The evaluation of treatment-related immune responses revealed strong neoantigen T-cell responses in all 12 patients, mediated by activated CD4+ T cells in all cases and CD8+ T cells in 7 out of 12 patients.
Further, immune response magnitude correlated with the vaccination dose.
Price Action: EVAX shares are up 10.80% at $1.64 on the last check Monday.