Key Takeaways
- Summit Therapeutics reported positive results from a Phase 3 trial in China of its lung cancer treatment ivonescimab.
- The drug reduced the risk of disease progression or death in 49% of those studied compared to other treatments, the company said.
- The news sent Summit Therapeutics shares to an all-time high.
Shares of Summit Therapeutics (SMMT) skyrocketed Monday, rising to an all-time high after the biotech announced positive results from a late-stage trial of its experimental lung cancer treatment.
Summit said the Phase-3 study, conducted in China, showed the drug ivonescimab ”demonstrated a statistically significant improvement in the trial’s primary endpoint” for certain patients with locally advanced or metastatic non-small cell lung cancer.
The company said that ivonescimab reduced the risk of disease progression or death by 49% compared to other treatments.
CEO Robert Duggan called the findings “a historic moment” for ivonescimab, which was developed along with China’s Akeso. “We believe this is the beginning of a landscape shift for treatment options for patients living with cancer,” he said.
Summit said it would be initiating a multi-regional study of ivonescimab in early 2025.
Summit shares have soared more than 500% so far this year. They’re up some 40% today.
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