Here’s why the Imugene (ASX:IMU) share price opened 8% higher today

The Imugene Limited (ASX: IMU) share price is on the move today after news from the company on its HER-Vaxx’s clinical trial.

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Imugene Limited (ASX: IMU) shares are on the rise today after news from the company on its HER-Vaxx’s clinical trial. The Imugene share price opened today’s session 8.15% higher at 20 cents before climbing to an intraday high of 21.5 cents. At the time of writing, the company’s shares have retreated back to 19 cents, up 2.7%.

Let’s take a closer look at today’s news from Imugene.

What’s boosting the Imugene share price? 

The Imugene share price is responding positively after the biotech announced today that the second clinical endpoint for its HER-Vaxx clinical studies has been met.

HER-Vaxx is an immunotherapy to treat tumours that over-express the HER-2/neu receptor, such as gastric, breast, ovarian, lung and pancreatic cancers.

The first clinical end point was overall patient survival, while the second was progression-free survival (PFS).

The company states its second clinical endpoint has been met, as a statistically significant amount of PFS has occurred.

The trial is the second phase of HER-Vaxx trials. It’s being conducted in multiple sites across Eastern Europe and India, where clinicians have difficulty accessing antibody treatments and there are high levels of gastric cancer.

Data from 24 PFS events will now be analysed. The company stated final PFS results are expected in the coming months.

Commentary from management

Imugene managing director and CEO Leslie Chong commented on the company’s news. She said:

I am delighted to report that we have achieved this new significant milestone for patients with advanced gastric cancer, following on from the important interim data released in 2020 and new data presented at AACR earlier this month. I look forward to updating the market as the data is analysed.

Imugene share price snapshot

Imugene shares have been having a roaring time on the ASX lately.

Currently, the Imugene share price is up by 90% year to date. It’s also up by 850% over the last 12 months.

The company has a market capitalisation of around $881 million, with approximately 4.7 million shares outstanding.

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The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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