Corbus Pharmaceuticals Holdings Inc. (CRBP) shares declined 2.90% in after-hours on Thursday, June 24, 2021, and closed the day at $2.01 per share. Earlier in the morning session, CRBP’s stock gained 4.02% to close the session at $2.07 per share. CRBP shares have fallen 73.99% over the last 12 months, and they have moved down by 0.00% in the past week. Over the past three months, the stock has gained 3.50%, while over the past six months, it has lost 41.78%.
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Let’s have a brief look at its recent developments.
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Topline results of Phase 3 Study of Lenabasum
OnJune 24, 2021, Corbus Pharmaceuticals Holdings, Inc released topline results from the Phase 3 study of lenabasum in adults with the rare, heterogeneous, autoimmune disease dermatomyositis.
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Although the study did not meet the primary endpoint of Total Improvement Score (TIS) at Week 28 higher TIS values indicate greater overall improvement. Higher TIS scores were observed in those subjects who had muscle weakness.
Two new licenses for new monoclonal antibodies
On June 01, 2021, Corbus Pharmaceuticals Holdings, Inc announced licensing deals for two new monoclonal antibodies (mAbs), CRB-601 and CRB-602.,
- CRB-601 is an anti- α vβ8 mAb expressed by cancer cells. Corbus plans to develop CRB-601 to treat solid tumours in combination with existing therapies, including checkpoint inhibitors.
- CRB-602 specifically inhibits both αvβ6 and αvβ8 implicated in fibrotic diseases and cancers of epithelial cell origin.
This new integrin program will strengthen and diversifies Corbus’ immunology pipeline for inflammatory, fibrotic, and metabolic diseases, and cancer. Corbus expects to have four compounds other than lenabasum in Phase 1 testing in 2022.
Publication of two abstracts at EULAR 2021
On May 25, 2021, Corbus Pharmaceuticals Holdings, Inc published two abstracts at the European League Against Rheumatism (EULAR) 2021 Virtual Congress that took place on June 2-5, 2021.
The first abstract was about the phase 3 Trial of Lenabasum, a CB2 Agonist, for the Treatment of Diffuse Cutaneous Systemic Sclerosis (dcSSc) and the 2nd abstract was about the long-term Safety and Efficacy of Lenabasum during 3 Years in an Open-Label Extension (OLE) of a Phase 2 Study of Lenabasum in Refractory Skin Disease in Dermatomyositis (DM)
Adjournment of Annual Meeting
On May 19, 2021, Corbus Pharmaceuticals Holdings, Inc. announced to adjourned its 2021 Annual Meeting of Stockholders which was scheduled for March 31, 2021, to provide stockholders additional time within which to vote on all proposals, including Proposal 4 to approve an amendment to the Company’s certificate of incorporation to increase the Company’s authorized shares of common stock from 150,000,000 to 300,000,000.
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Conclusion
The CRBP stock went down in the after-hours on Thursday after the company announced Phase 3 study results of Lenabasum which missed the primary endpoint but showed some important improvements. That’s why the loss in the after-hours was very minor otherwise it could be a huge setback for the company.