Major Breakthrough For Immunomedics Inc. (NASDAQ:IMMU)
The stock of the $322 million market capped bio tech firm Immunomedics, Inc. (NASDAQ:IMMU) has posted an impressive 9.2% increase in its market value during trading yesterday. This follows a 7.44% increase in its market value during trading in the past one week of trading.
The market rally in the stock of this development stage drug maker is being ascribed to Immunomedics, Inc. (NASDAQ:IMMU) announcement earlier this month that some of the patients suffering from solid cancer, who had previously failed to respond to therapy with approved drugs like Irinotecan or camptosar had shown appreciable response to its target drug code named IMMU -132.
Making this announcement, Cynthia Sullivan who is the chief executive and President of Immunomedics, Inc. (NASDAQ:IMMU) has been quoted as saying, “We are enthused that IMMU-132 has shown activity in a patient population with advanced, difficult-to-treat solid cancers that are refractory to multiple prior therapies including irinotecan. The trial has been expanded to a Phase II and is enrolling patients rapidly. We look forward to reporting results from this proof-of-concept trial.”
Immunomedics, Inc. (NASDAQ:IMMU) has invited the renowned Dr. Allyson Ocean who is a leading figure at the Weill-Cornell Medical College in New York to comment about the new developments related to IMMU-132 at a conference which is being promoted by Mount Sinai School of Medicine and the Chemotherapy Foundation and Tisch Cancer Institute. The drug firm is enthused with the close to 82% control rate achieved by the target drug among the 22 patients who had enrolled for the “tomography-assessable” backed trials.
The drug firm had managed to procure partial funding for its test drug so far from National Cancer Institute and post the positive trials is looking forward to approaching other interested parties in seeking additional funding to continue the development of this big potential drug.