OncoSec Medical Incorporated (ONCS) Stock Makes a Big Move: Where Will It Go?
OncoSec Medical Incorporated (NASDAQ:ONCS) confirmed entering into Clinical Trial Collaboration and Supply Agreement with Merck for evaluating combination of the company DNA-plasmid interleukin-12 TAVO (tavokinogenetelseplasmid) with Merck’s anti-PD-1 therapy, KEYTRUDAbeing in global Phase 3 randomized clinical trial, KEYNOTE-C87.
This trial will assess survival of patients being treated with KEYTRUDAin combination with TAVOvis-à-vis standard of care in late-stage patients. Having received fast track designation from US FDA, TAVO is a potential first-in-class, intratumoral anti-cancer gene therapy.
KEYNOTE-C87 is aimed for supporting accelerated approval and serve as an important study for full licensure. While Merck will give KEYTRUDA, Oncosec would be providing investigational drug, TAVO under the agreement.
However, each party will bear their costs and OncoSecwill also cover third party costs. Eligible patients need to have Stage III or IV unresectable, metastatic melanoma, and alsorefractory to prior checkpoint therapy. KEYNOTE-C87 aims to enrol about 400 patients for trials across U.S., Canada, EU, and Australia.
Brian Leuthner, Interim Chief Executive Officer of OncoSec, expressed happiness on the collaboration with Merck, which is a leading immuno-oncology company. Leuthner feels that TAVO will be given to patients who did not respond positively to the checkpoint inhibitor therapy.
He also opined that the Phase 3 collaboration provides critical milestone for OncoSec for global approval and expansion.
Market Reaction:
As of 1:45, ONCS stock soared 27.55% at $3.57 with more than 71.85 million shares, compared to its average volume of 227k shares. The stock had moved within a range of $3.3300 – 4.2500 after opening the trade at $3.36. Over the past 52-week, the stock has been trading within a range of $1.8900 – 8.1600.
