The Immutep Ltd (ASX: IMM) share price went flying up this morning as the company announced encouraging results in its phase II trials. The company's share price was trading up 5% at 31 cents in early trade. However, it has since retreated and is trading flat at 30 cents at the time of writing.
While hard hit by the COVID-19 pandemic, shares in the biotech company have rebounded strongly since the end of March. The Immutep share price is up 170% since its lows, outpacing the All Ordinaries Index (ASX: XAO) rise of 44.5% during the same period.
Encouraging Phase II trial results
This morning, Immutep announced positive results in its ongoing phase II trials. The overall response rates in both the trials continue to be favourable, with 5 patients demonstrating a complete disappearance of all lesions.
Immutep CMO Dr Frederic Triebel was pleased, saying:
The results from this trial, and our other trials, continue to support our hypothesis that the combination of our lead product candidiate, eftilagimod alpha, with a PD-1 inhibtor such as pembrolizumab should result in a meaningful benefit to patients across various cancers. These results are supportive of further late stage clinical development.
About the Immutep share price
Immutep is a biotechnology company that develops new immunotherapy treatments for cancer and autoimmune diseases. The company boasts partnerships with some of the world's largest pharmaceutical companies. This includes the first COVID-19 vaccine candidate, Pfizer Inc. (NYSE: PFE).
Immutep's main product is eftilagimod alpha (IMP321), a soluble fusion protein, which is in clinical development for the treatment of cancer. The company has two other clinical candidates (IMP701 and IMP731) that are fully licensed to major pharmaceutical partners, and a fourth candidate (IMP761) which is in pre-clinical development.
The Immutep share price has traded strongly during 2020, gaining 15% since the start of the year. In comparison, the S&P/ASX 200 Index (ASX: XJO) is down 4% so far this year.
