Onconova Therapeutics, Inc. (ONTX) stock soared 15.51% in the current-market trading session at the price of $5.66 after announcing encouraging data from investigator-initiated Phase 1/2a trial of rigosertib and nivolumab. ONTX is a clinical-stage biopharmaceutical company. It discovers, produces, and commercializes novel products for patients dealing with cancer.
Encouraging Clinical Data from Phase 1/2a trial of Rigosertib-Nivolumab
On 22nd September 2021, ONTX published encouraging data from the Phase 1/2a trial of rigosertib and nivolumab. Nivolumab is the immune checkpoint inhibitor in advanced KRAS mutated non-small cell lung cancer (NSCLC). The data has presented at the 3rd Annual RAS Targeted Drug Development Summit 2021. The featured data supports the potential anti-cancer activity of rigosertib-nivolumab therapy in this indication. All the enrolled patients in this trial have failed immune checkpoint inhibitors in multiple combinations. About three-quarters of them have failed at least two lines of previous therapy.
CEO of ONTX, Steven M. Fruchtman, remarked that the presented data confirms the potential applicability of rigosertib’s mechanism against various KRAS mutations. Radiographic responses across multiple KRAS variants differentiate rigosertib from other RAS modulators that target specific KRAS mutations. These particular responses have observed at primary and metastatic tumor sites such as the pleura and bone. The company is working to advance rigosertib’s clinical development in high-need KRAS mutated indications by leveraging their investigator-initiated study program, he concluded.
ONTX Published Second Quarter 2021 Financial Results
On 12th August 2021, ONTX published financial results for the three months that ended on 30th June 2021 and provided corporate updates. As of 30th June 2021, the company reported cash and cash equivalents of $43.7 million. Cash and cash equivalents were $19.0 million as of 31st December 2020. For the second quarter ended 30th June 2021, the net loss was $4.2 million or $0.27 per share. Net loss was $7.4 million, or $0.65 per share for the second quarter of last year.
ONTX reported general and administrative expenses of $2.9 million for the second quarter of 2021. G&A expenses were $2.6 million for the second quarter of the previous year. The research and development expenses were $1.9 million for the second quarter ended on 30th June 2021. R&D expenses were $4.8 million for the second quarter ended 30th June 2020. The decrease in the 2020 period resulted from higher clinical trial and consulting expenses from INSPIRE study.
