Noxopharm (ASX:NOX) share price closes 21% higher after clinical milestone

The Noxopharm Ltd (ASX: NOX) share price gained more than 21% today, surging in a last-minute buying frenzy to close at 83 cents.

Noxopharm is an Australian clinical-stage drug development company. Its Veyonda drug is being designed to support cancer patients undertaking chemotherapy or radiotherapy treatment.

Noxopharm share price rockets upon survival benefit results

The company announced today that it would present its latest research findings at the American Society of Clinical Oncology (ASCO) Genitourinary Cancers Symposium later this week. 

The research pertains to extending the lives of patients who have late-stage prostate cancer. 

Noxopharm's LuPIN study enrolled a total of 56 patients with metastatic castration-resistant prostate cancer. Patients were treated with a combination of Veyonda with ¹⁷⁷Lu-PSMA-617, an experimental radiopharmaceutical.

The goal of the combined (LuPIN) treatment was to slow or block tumour progression so that patients can live a better quality of life, and their survival is extended in a well-tolerated way.

The median overall survival (mOS) for the 56 participants in the LuPIN study was 19.7 months, an increase on the 17.1 months reported 12 months ago.

This survival benefit exceeds that reported for any current standard of care treatment, including one acquired by Pfizer Inc (NYSE: PFE) in 2016 for US$14 billion.

The LuPIN data reinforces Noxpharma's belief that a combination of Veyonda and ¹⁷⁷lutetium-PSMA-617 represents a "long-awaited forward leap" in cancer treatment.

Words from the CEO

Commenting on the company's latest progress, CEO Dr Graham Kelly said:

Today's clinical data continues to cement the view that Veyonda is on track to become a major new immunotherapy oncology drug of medical and commercial significance.

The DARRT program has already suggested this and the LuPIN program now confirms it. All of which augurs well for our upcoming IONIC program. Collectively, these three programs highlight the diversity of use and potential value of Veyonda.

The Noxopharm share price has gained more than 41% year-to-date and is up more than 250% over the past 12 months.