Janux Therapeutics surges on upbeat trial data for prostate cancer therapy (updated)
27/02/2024 15:35
(Updates shares in paragraphs 2, adds analyst comments in
paragraphs 7 and 8)
By Pratik Jain
Feb 27 (Reuters) - Janux Therapeutics shares JANX.O
more than doubled in value 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 shares hit a record high of $41.22, after declining
18.53% in 2023 and were on track to add more than $1.2 billion
to its market capitalization, if gains hold.
The candidate, JANX007, reduced prostate-specific (PSA)
antigen levels in a majority of the 23 patients who received the
drug, 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.
TD Cowen analyst Marc Frahm said the data establishes that
Janux's prostate cancer therapy, JANX007, has
multi-billion-dollar potential.
Janux also reported interim early-stage data for another
experimental therapy, JANX008, in advanced or metastatic solid
tumors patients known to express high levels of a protein that
helps cancer cells grow.
H.C. Wainwright analyst Swayampakula Ramakanth said both
drugs showed encouraging anti-tumor efficacy and the treatments
could be the "best-in-class" if they continue to be successful
in future studies.
"While the data was from a small set of patients, it was
encouraging to note that both products were relatively safe
with no patient experiencing higher than grade 2 CRS...,"
Ramakanth said.
Cytokine Release Syndrome (CRS), was also observed in
patients in both the studies, but Janux said it was mild and
temporary, and was quickly managed with treatment.
CRS is an immune system over-response and a major toxicity
issue that has led to discontinuation of multiple T-cell engager
clinical candidates.
Janux, which develops tumor-activated immunotherapies to
treat cancer, debuted on the Nasdaq in 2021.
(Reporting by Pratik Jain in Benagluru)
((Pratik.Jain@thomsonreuters.com;))