Imugene share price (ASX:IMU) pops 5% in cancer trial update

Why is this cancer therapy company impressing investors today?

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The Imugene Limited (ASX: IMU) share price is up today on the back of a positive cancer treatment update.

Shares in the biopharma company are currently trading at 50 cents, up 5.26%.

Let’s take a look at what’s going on at Imugene.

What did the company announce?

The Imugene share price is climbing today after the company announced an update regarding a phase 1 clinical trial.

Imugene is developing therapies that aim to use the body’s immune system to treat cancer tumours.

Today, the company announced a second patient with triple-negative breast cancer (TNBC) has been given a dose of CHECKvacc.

CHECKvacc is an oncolytic virotherapy candidate currently in phase 1 clinical trial at the City of Hope cancer research centre in Los Angeles, USA. TNBC is an aggressive form of the disease with a survival rate of just 12 months.

The trial aims to evaluate the safety and efficacy of the administration of CHECKvacc in patients with metastatic TNBC.

The company says the current trial design will involve a dose escalation. It is also planning to expand the trial to 12 patients. The first patient treated with the cancer therapy has had no safety issues to date.

Comment from management

Speaking on the update that’s likely fuelling the Imugene share price today, managing director and CEO Leslie Chong said:

We hope that in time, CHECKvacc provides an improved outcome for the many women who are diagnosed every year with triple-negative breast cancer.

We look forward to seeing the results of this trial and bringing continued updates to the medical community and our stakeholders moving forward.

Imugene share price snap shot

In the past 12 months, the Imugene share price has soared by 298%. It has also risen 398% this year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 9% in the past year.

The share price low this year is 9 cents, while the yearly high is 63 cents.

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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.

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