Why the Telix (ASX:TLX) share price is rocketing 6% today

The biotech company has delivered some promising news.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is up almost 6% in early trade.

Below, we take a look at the ASX biotechnology company's announcement of its approval to conduct a clinical trial.

A group of science or medical professionals cheering good news in the lab.

Image source: Getty Images

What did Telix announce?

The Telix share price is up 5.94% this morning to $6.96 after the company reported positive progress for its investigational kidney cancer therapy, TLX250.

In another step forward for TLX250, the United States Food and Drug Administration (FDA) has accepted the Investigational New Drug Application (IND) to commence a clinical study of the experimental treatment.

Telix expects to enrol 29 patients with advanced clear cell renal cell carcinoma (ccRCC) in its STARLITE 2 study. The goal of the study is to determine the efficacy of combining immunotherapy with TLX250.

Commenting on the study, principal investigator Darren Feldman said:

Each year 76,000 Americans will be diagnosed with kidney cancer, therefore it is important we continue to explore new treatment options. The selective targeting of TLX250 to CA9 delivers radiation therapy directly to ccRCC tumours. Combining this innovative approach with anti-PD-1/PD-L1 therapy could enhance existing immune-based treatments.

Telix chief medical officer Colin Hayward added:

The introduction of immunotherapy agents has improved the outlook for patients with advanced clear cell renal cancer, but most patients eventually progress. This therapy, along with patient selection and treatment response assessment with our CA9-targeting imaging agent TLX250-CDx may potentially offer a new paradigm of more accurate staging and personalised treatment for kidney cancer patients through a "theranostic" approach.

Today's FDA approval comes on the heels of yesterday's announcement revealing that Telix had "entered into an exclusive commercial distribution agreement with Bologna-based Radius" to distribute Illuccix – a cancer imaging tool – in Italy.

Telix share price snapshot

Over the past 12 months the Telix share price has soared 279%, well outpacing the 27% gains posted by the All Ordinaries Index (ASX: XAO).

Telix shares have continued to move higher over the past month, up 21%.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.

More on Healthcare Shares

Businesswoman with a pleased smile reading on her laptop at a desk in the office with a look of satisfaction.
Healthcare Shares

Are CSL shares dirt cheap and a strong buy?

There is plenty for CSL to prove next week. The current valuation is why I am still interested.

Read more »

Medical workers examine an x-ray or scan in a hospital laboratory.
Healthcare Shares

Why this ASX healthcare stock is a top rebound candidate with big upside 

This could be a perfect buy-low candidate.

Read more »

Doctor sees virtual images of the patient's x-rays on a blue background.
Healthcare Shares

2 ASX healthcare stocks tipped to return 34% to 63%

These companies could be poised for much bigger things.

Read more »

Smiling couple looking at a phone at a bargain opportunity.
ASX Share Market News

Are Pro Medicus shares now too cheap to ignore?

The discount looks tempting, but slowing growth could expose valuation risks.

Read more »

Two ASX share investors sharing a secret.
Healthcare Shares

Cochlear shares are quietly rebounding: Is a bigger rally coming?

After a 58% plunge, Cochlear doesn’t need perfection to surprise investors.

Read more »

Scientists working in the laboratory and examining results.
Healthcare Shares

This ASX biotech is tipped to more than double in value

Encouraging trial results have the analysts excited.

Read more »

person climbing mountain
Healthcare Shares

CSL share price forecast: How high could it climb in the next year?

CSL shares could roar back, but investors need more than hope.

Read more »

Two CEOs shaking hands on a deal.
Healthcare Shares

Integral Diagnostics: FY26 results and new CFO appointment

Integral Diagnostics delivered double-digit profit growth and appointed a new CFO.

Read more »