Janux Therapeutics surges as trial data for prostate cancer therapy shows promise
27/02/2024 13:36
Feb 27 (Reuters) - Janux Therapeutics shares JANX.O
more than doubled in value before the bell on Tuesday after the
drug developer reported encouraging interim early-stage data
for its experimental therapy to treat an advanced form of
prostate cancer.
Its candidate, JANX007, reduced prostate-specific (PSA)
antigen levels in majority of 23 dosed patients, the company
said late on Monday, adding that deeper reductions were observed
at higher doses.
PSA is a protein produced by the prostate gland and used as
a biomarker to diagnose and follow prostate cancer.
Janux shares were up 118.54% at $33. The stock has gained
nearly 41% so far this year, after declining 18.53% in 2023.
TD Cowen analyst Marc Frahm said the therapy has
multi-billion-dollar potential after data.
Cytokine Release Syndrome, an immune system over-response,
was also observed in patients, but Janux said it was mild and
temporary, and was quickly managed with treatment.
The company also reported interim data from an early-stage
trial of its another treatment, JANX008, in advanced or
metastatic solid tumors patients known to express high levels of
a protein that helps cancer cells grow.
It showed a differentiated safety and encouraging signs of
efficacy in heavily pre-treated subjects with different solid
tumor types, the company said.
Janux, which develops novel T-cell engaging immunotherapies
to treat cancer, debuted on the Nasdaq in 2021.
(Reporting by Pratik Jain in Benagluru)
((Pratik.Jain@thomsonreuters.com;))