The Imugene Limited (ASX: IMU) share price lifted 4% today after the company released its March quarter report.
Imugene shares gained half a cent and were swapping hands at 13 cents in earlier trade but have since returned to their closing price yesterday of 12.5 cents.
The S&P/ASX All Ordinaries Index (ASX: XAO) has also lost a little ground in the late afternoon and is currently trading just 0.13% higher.
Let's take a look at today's report from the ASX biotech share.
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Imugene share price goes green
Imugene is a clinical-stage immuno‐oncology company developing virotherapies that seek to activate the immune system of cancer patients to treat and kill off cancerous tumours.
There was nothing new in today's report other than a few financial metrics. However, investors appear pleased with the company's financial position and the progress it has made in its trials over the period.
Cancer trials
Key developments during the quarter include the first patients being dosed in the VAXINIA and Pembrolizumab combination study. VAXINIA is a cancer-killing virus.
Patients in the intravenous (IV) and intratumoral (IT) cohorts received their first dose of the immunotherapy.
Imugene aims to recruit up to 100 patients across several trial sites in the United States and Australia for this trial. It got approval to start trials in Australia during the quarter. The first hospital involved is Tasman Oncology Research in South Australia. Imugene is opening other sites now.
Imugene also began its multicenter Phase 1 MAST trial. The trial involves patients with metastatic or advanced solid tumours who have had at least two prior lines of existing standard cancer treatment.
Imugene's preclinical laboratory and animal studies showed VAXINIA reduces the size of colon, lung, breast, ovarian and pancreatic cancer tumours.
New patent
Imugene also received a US patent until 2038 for its B-cell activating immunotherapy PD1-Vaxx.
PD1-Vaxx is in clinical development for non-small cell lung cancer (NSCLC). Imugene intends to run a clinical trial that combines PD1-Vaxx with the immune checkpoint inhibitor drug, atezolizumab.
Financials
In terms of the company's financial position, Imugene had $151.5 million in cash or equivalents at the end of the quarter.
The company spent $10.6 million net cash on operating activities. Direct research and development and staff costs accounted for 83% of the expenditure.
Spreading the word on progress
Imugene presented at several conferences during the quarter, including the prestigious J.P. Morgan Healthcare Conference, which attracts thousands of global investors every year.
The company also presented its HER-Vaxx & CF33 platforms at the ASCO Gastrointestinal Cancers Symposium, which attracts thousands of oncologists, clinical researchers, and academics.
Imugene also gave a presentation at the NWR Healthcare Conference.
In addition, the biotech company announced positive imaging data for its oncolytic virotherapy candidate, CHECKvacc, last week.
Imugene share price snapshot
The Imugene share price is down 9.3% in 2023 so far.
Its peers in the S&P/ASX 200 Health Care Index (ASX: XHJ) have gone up 8.9%.
