Purple Biotech reports positive biomarker data for CM24 in pancreatic cancer trials, with financial improvements.

From GlobeNewswire: 2024-11-15 07:00:00

Purple Biotech Ltd. is on track to report topline data from the Phase 2 CM24 pancreatic cancer trial by the end of 2024. New biomarker data presented indicates potential to improve outcomes in future studies. The CAPTN-3 tri-specific antibody platform data was also presented at the ENA Symposium in October 2024.

Purple Biotech announced positive biomarker findings for CM24 at the AACR conference. Biomarkers such as CEACAM1 and NET levels were associated with improved overall survival in pancreatic cancer patients. Serum CEACAM1 levels were linked to a 79% reduction in risk of death and improved progression-free and overall survival in PDAC patients.

The Phase 2 study is evaluating CM24 in combination with nivolumab and chemotherapy as a second-line treatment for pancreatic cancer. Sixty-three patients have been enrolled across multiple centers in the U.S., Spain, and Israel. Meanwhile, a Phase 2 study for NT219 in head and neck cancer is planned to begin in the first half of 2025.

New data on Purple Biotech’s CAPTN-3 tri-specific antibody platform was presented at a key cancer therapeutics conference. CAPTN-3 demonstrated sustained tumor regression in breast cancer models and synergistic effects in lung cancer. The lead tribody candidate, IM1240, showed promising safety profiles, indicating the platform’s potential for future studies. Purple Biotech is showcasing the benefits of engaging both T cells and NK cells. Financially, research and development expenses decreased by 71.7%, operating loss decreased by 63.2%, and net loss decreased significantly. The company had cash and cash equivalents of $6.3 million as of September 30, 2024, with a cash runway into the fourth quarter of 2025. During the same period, the Company sold approximately 76 thousand ADSs, generating approximately $0.5 million in net proceeds.

For the nine months ended September 30, 2024, Purple Biotech saw a decrease in research and development expenses by 39% and operating loss by 37.5%. Net loss decreased to $6.9 million, with adjusted net loss at $9.5 million. The company utilizes non-IFRS financial measures to evaluate performance, including adjusted operating loss and adjusted net loss, to identify underlying trends. Purple Biotech is focused on developing therapies like CM24, NT219, and IM1240 to address tumor immune evasion and drug resistance. Purple Biotech is moving forward with CAPTN-3, a preclinical platform for a tri-specific antibody activating T cells and NK cells in the tumor microenvironment. The technology targets Tumor Associated Antigen (TAA) and aims to boost anti-tumor immune responses. IM1240 is the first tri-specific antibody targeting 5T4 in solid tumors, developed in Israel’s corporate headquarters.

The cleavable capping technology in CAPTN-3 confines therapeutic activity to the tumor microenvironment, enhancing efficacy and safety. The platform aims to combine innate and adaptive immune responses against tumors. IM1240 targets 5T4, which is linked to aggressive disease. Purple Biotech’s innovative approach could lead to improved outcomes for patients with solid tumors.

Important factors to consider include the long and costly drug development process, regulatory challenges, market reception, and competition. Purple Biotech’s success with NT219, CM24, and IM1240 relies on navigating these risks. Patents, regulatory approvals, and market dynamics all play a role in the company’s future prospects. Purple Biotech remains committed to developing innovative pharmaceutical products. 1. The stock market experienced a sharp decline today, with the S&P 500 dropping 2.5% and the Dow Jones falling 800 points. This was due to concerns over rising inflation and potential interest rate hikes by the Federal Reserve.

2. In other news, the unemployment rate dropped to 4.6% in the latest report, with 210,000 jobs added in the month of January. This beat expectations and signals a strengthening job market.

3. The price of oil has reached $90 per barrel, the highest level in seven years. This is a result of geopolitical tensions in Ukraine and concerns over supply disruptions.

4. Tesla announced record-breaking revenue of $11.8 billion in the fourth quarter, exceeding analysts’ expectations. The electric vehicle company also reported a profit of $1.4 billion, marking its seventh consecutive quarter of profitability.

5. The Federal Reserve is expected to raise interest rates by 0.25% at its next meeting in response to inflation concerns. This decision may impact borrowing costs for consumers and businesses.



Read more at GlobeNewswire:: Purple Biotech Reports Third Quarter 2024 Financial