Thursday brings more good news for the Imugene (ASX:IMU) share price

What’s driving Imugene shares higher today?

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Key points

  • Imugene shares advance 2.63% to 29.3 cents 
  • The company will proceed to the next level of dosing of Checkvacc after reviewing the safety and tolerability data with no reported incidents in the first cohort 
  • The Checkvacc study is expected to run for a period of 24 months 

The Imugene Limited (ASX: IMU) share price is on the move today. This comes after the company announced an update on its phase 1 clinical trial of its oncolytic virotherapy candidate, Checkvacc.

Checkvacc is a novel treatment currently being tested to kill tumour cells and activate the immune system against cancer cells.

During early afternoon trade, the immuno-oncology company’s shares are up 2.63% to 29.3 cents.

Imugene increases dosage of Checkvacc

The Imugene share price is firmly in the green after providing investors with a positive update.

In its release, Imugene advised it will proceed to the second dose cohort in the Checkvacc phase I clinical trial.

The study is being conducted at the City of Hope, a world-renowned cancer treatment and research centre near Los Angeles.

Imugene stated that Checkvacc was deemed to be safe from the Protocol Management Team.

Specifically, no dose-limiting toxicities (DLTs) and no serious adverse reactions were observed from the first cohort of patients. They were administered with the lowest dose of Checkvacc as monotherapy during the initial study.

The current trial design will involve a dose escalation, followed by an expansion to 12 patients at the final dose. This will then be recommended for a phase 2 dose (RP2D).

The trial is anticipated to run for 24 months and is funded from existing budgets and resources.

Imugene managing director and CEO Leslie Chong commented:

We are pleased with the results that we have seen so far with no observed toxicity with early encouraging results in oncolytic virus infection and replication in the TNBC tumours.

…The Protocol Management Team for the study reviewed the first low dose cohort of patient’s data and has recommended to proceed to the next dose escalation due to safety and tolerability.

Imugene share price snapshot

Over the past 12 months, the Imugene share price has gained more than 154%. A sharp contrast when looking at year to date, with the latter down 27%.

The company’s shares touched a 52-week high of 62.5 cents in November 2021, before travelling on a downhill trend.

Based on today’s price, Imugene presides a market capitalisation of roughly $1.71 billion.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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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