The Imugene Limited (ASX: IMU) share price is rising again on Wednesday.
At one stage today, the ASX All Ords share was up 27% to 8.4 cents.
When the clinical stage immuno-oncology company's shares reached that level, it meant they were up just over 60% in the space of two days.
The Imugene share price has eased back a touch since then but remains up 17% to 7.7 cents.
Why is this ASX All Ords stock on fire?
Investors have been buying the company's shares this week following the release of a clinical trial update of its Phase 1 MAST (Metastatic Advanced Solid Tumours) trial which is evaluating the safety and efficacy of novel cancer-killing virus CF33-hNIS (VAXINIA).
According to the release, the company's study has delivered positive early signals.
It notes that 34 heavily pre-treated patients have been dosed to date with the CF33-hNIS virus. All treatments have been determined safe and tolerable.
One Complete Response (CR) was recorded in bile duct cancer in the mid dose on study for over 350 days. Whereas one Partial Response (PR) in melanoma in the mid dose was record. 16 patients had Stable Disease (SD).
Importantly, early results from 6 patients with gastrointestinal cancers who received CF33-hNIS alone including 2 colorectal cancer, 2 bile duct, 1 pancreatic and 1 liver cancer showed positive treatment effects, with a disease control rate (all CR, PR and SD) of 75%.
The ASX All Ord Stock's CEO, Leslie Chong, was pleased with the results. She said:
Phase 1 trials are generally designed to look for safety, tolerability and early response signals to determine the optimal dose for further development. The early positive response data we are seeing at the mid-dose level in hard-to-treat bile duct cancer suggests that VAXINIA may be a potent anti-cancer drug as we interrogate higher dose levels. With no adverse safety signals, thus allowing us to dose higher, VAXINIA will have a very high therapeutic window which is valuable in oncology drug development.
Despite its heroics this week, the Imugene share price is down almost 60% over the last 12 months.