(Reuters) – Janux Therapeutics shares 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)
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