HomeTrending StocksPurple Biotech Ltd. (PPBT) stock declines during after-hour. Here’s what you should...

Purple Biotech Ltd. (PPBT) stock declines during after-hour. Here’s what you should know?

Purple Biotech Ltd. (NASDAQ; PPBT) stock declined by 11.76% at last close whereas the PPBT stock price plunge during after-hour by 9.78%. Purple Biotech, a clinical-stage firm focused on combating tumor immune evasion and medication resistance to produce first-in-class medicines. NT219 and CM24 are part of PPBT’s oncology pipeline.

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What is happening?

PPBT has recently announced that new results from the first dosage level cohort of PPBT’s current Phase 1/2 clinical study of NT219 will be presented at the 2021 ASCO Annual Meeting, which is happening online from June 4-8, 2021. The Phase 1/2 study is testing NT219 as monotherapy for solid tumors, as well as a subsequent dose escalation of NT219 in combination with cetuximab, an EGFR-blocking monoclonal antibody, for the therapy of reoccurring or metastatic solid tumors and squamous cell carcinoma of the head and neck cancer.

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The first dosage level cohort’s results showed that NT219 was well tolerated with little side effects. A substantial response was also seen in a patient with resistant gastroesophageal junction cancer who had initially offered four lines of treatment. Complete remission was found at the biggest target lesion and one non-target lesion in this patient after 22 weeks of treatment, whereas stable disease was found at the other non-target lesion.

Alberto Bessudo, a medical oncologist and hematologist at California Cancer Associates for Research & Excellence stated:

The preliminary safety and effectiveness results from this first-in-human trial of NT219 give them hope. This research is particularly appealing since NT219 uses a covalent, irreversible inhibitory method to specifically target the IRS protein for destruction. Based on preclinical findings to date, NT219 has the potential to considerably decrease tumors, avert and cure tumor resistance whether used as a monotherapy or in conjunction with existing cancer medicines by targeting the IRS1/2 and STAT3 pathways.

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