Onconova Therapeutics Inc [NASDAQ:ONTX] is one of the most interesting stocks to watch today. This follows the company’s announcement that it has initiated a phase 1 clinical trial of ON 123300. The trial will be done in China and will be a partnership with HanX Biopharmaceuticals.
ON 123300 is a new small molecule, and double inhibitor of CD4/6, which is a major enzyme that controls cell energy homeostasis. ON 123300 has been shown to have single-agent toxicity and effectiveness against a wide array of cancers when tested in pre-clinical studies.
Some of the cancers that it has shown the potential to fight include colon cancer, breast cancer, multiple myeloma, and mantle cell lymphoma.
The company has been collaborating with HanX since December 2017 in a deal that covers the development, registration and sale of ON 123300 in the Chinese market. Onconova will hold rights for the development and sale of this treatment to the rest of the world.
Commenting on the deal, Onconova CEO Steven Fruchtman stated that ON 123300 was a proprietary first in line, cancer-fighting agent. He added that the agent that has a unique action that is likely to improve the clinical outcomes of already approved CDK4/6 inhibitors and that it could help in lowering the growth of the metastatic disease.
It could also lower the side effects of cancer treatment. He concluded by stating that they were now looking forward to a filling an IND in the U.S by the end of 2020, and that phase 1 studies in the U.S could start in Q1 of 2021.
This is a big deal because, in case of a breakthrough, it would have a huge impact on the company’s bottom line. The impact would be significantly magnified by the fact that they are working with a Chinese company. As such, a breakthrough would see it benefit from sales in one of the world’s largest markets.
It is also interesting to note the stock is currently trading at a support level after it dropped following a failed cancer study back in August.
At its current price level, it is low-risk buy and with the latest news, it is likely to see speculators take positions and bid up the price. This makes it one of the high potential stocks, in the current market environment, when a multitude of factors are creating lots of volatility.
About Onconova Therapeutics Inc
Onconova Therapeutics Inc is a biopharma company that develops cancer treatments. It is based in Pennsylvania.