ENCHANT-1 creating right syntax for Synta Pharmaceuticals Corp (NASDAQ:SNTA)
Synta Pharmaceuticals Corp (NASDAQ:SNTA) shares rose 41.31% in Monday’s close after the company announced results of a mid-stage study of ganatespib, its drug for breast cancer treatment. SNTA said that the results supported its expansion.
As per the trial-design, it would be able to transition to the second-stage of enrollment if a minimum of one patient was able to achieve objective tumor-response. This is a measure of tumor-size reduction.
The study is codenamed ENCHANT-1. It indicated that 4 patients had achieved a very objective tumor-response. SNTA has said that it will be continuing with the enrollment of 33 patients in each one of the 2 patient-groups that are being tested in this study. Now the trial will study a combination of ganetespib and paclitaxel, a widely-used cancer drug.
Ganetespib, the experimental drug has helped in reducing the tumor in numerous breast cancer patients and moving the study onto the next stage was something that the company was expecting to do. This drug was tested for 12-weeks in patients who were suffering from newly-diagnosed triple-negative or HER2-positive breast cancer.
This drug blocks a protein that helps other proteins which are involved in the progression and development of the tumor in different blood and solid cancers. Synta is also testing this drug in combination with a different cancer drug that is in a late stage, lung-cancer trial. In addition, it is being tested in patients suffering from blood and colorectal cancers.
In Monday’s trading session, Synta Pharmaceuticals Corp (NASDAQ:SNTA) shares opened at $5.69 per share, reached an intraday high of $7.55 and closed at $7.15 per share. Around 21.97 million shares exchanged hand in Monday’s trading session while the average volume of shares sold over a 30-day period was 1.72 million. The company has a market cap of $494.30M.