Imugene share price lifts 11% on clinical trial update

Imugene shares are flying higher today.

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Key points

  • Imugene shares lift 11% to 30 cents in late morning trade
  • The company announced that the first patient from the third cohort in the Checkvacc study has been dosed
  • The aim of the trial is to activate the immune system of cancer patients to treat and eradicate tumours

The Imugene Limited (ASX: IMU) share price is soaring on Wednesday.

This comes after the company provided an update on its clinical trial of its oncolytic virotherapy candidate, Checkvacc.

The novel treatment aims to activate the immune system of cancer patients to treat and eradicate tumours.

In late morning trade, shares in the immuno-oncology company are up 11.11% to 30 cents.

What did Imugene announce to the ASX?

In its release, Imugene advised that City of Hope has dosed the first patient from the third group of participants in the Checkvacc phase 1 clinical trial.

City of Hope is one of the largest cancer research and treatment organisations in the United States.

The Checkvacc study is recruiting patients who suffer from triple negative breast cancer (TNBC).

Further, the primary goal of the study is to determine safety limits and decide on the optimal dosage of Checkvacc against metastatic TNBC.

Imugene noted that the current trial design involves a dose escalation. Thereafter, an expanded group of 12 patients will receive the final dose.

Commenting on the update, Imugene managing director and CEO Leslie Chong said:

We are pleased with the continued progress being made in this trial as we dose the first patient in cohort 3.

From cohorts 1 & 2 we've continued to see early positive results in oncolytic virus infection and replication in the TNBC tumours and importantly there remains no observed toxicity.

Checkvacc has the potential to improve clinical response and survival in this indication where there are currently no meaningful treatments, and we are eager to deliver on that.

Imugene share price snapshot

Despite climbing 30% in the past month, the Imugene share price has fallen 25% in 2022.

The company's shares hit a 52-week low of 13 cents on 14 June, before gradually moving higher.

Imugene presides a market capitalisation of approximately $1.58 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 Scott Phillips.

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