In a significant development, Kintara Therapeutics, a prominent biopharmaceutical entity specializing in the advancement of novel solid tumor cancer treatments, witnessed a dip in its stock value during Tuesday morning trading. This decline ensued after the company divulged that its drug VAL-083 failed to surpass existing therapies for glioblastoma, an aggressive form of brain cancer.
At the time of this publication, Kintara Therapeutics Inc stock (KTRA) has witnessed a decline.
Kintara Therapeutics Inc
Current Price: $0.90
Change : -2.86
Change (%): (-76.06%)
Volume: 1.1M
Source: Tomorrow Events Market Data
In light of these study findings, Kintara has opted to halt the further progression of VAL-083 and redirect its efforts towards its secondary venture, REM-001. Simultaneously, the company has embarked on a comprehensive evaluation of strategic alternatives, all aimed at potentially enhancing shareholder value.
Expressing his sentiments on the matter, Robert E. Hoffman, the President and Chief Executive Officer of Kintara, stated, “Glioblastoma represents a high unmet medical need, and patients with this disease have very few treatment options. We are very disappointed that the VAL-083 GBM AGILE Study preliminary results do not support continued development efforts to give patients additional treatment options.”
As the company reorients its priorities, it anticipates enrolling its first participant in a 15-patient study of REM-001 for cutaneous metastatic breast cancer (CMBC) towards the conclusion of the calendar year 2023. Additionally, Kintara is set to conduct an extensive examination of potential strategic avenues to optimize shareholder value within the organization.
All activities pertaining to the development and associated costs of VAL-083 will be suspended while the company awaits the complete dataset from the GBM AGILE Study, anticipated by the end of the first quarter or the commencement of the second quarter of the calendar year 2024. It is at this juncture that Kintara will conduct a thorough analysis of the comprehensive results in pursuit of maximizing the asset’s value.
Kintara has projected the enrollment of the first subject in the 15-patient CMBC study towards the latter part of the calendar year 2023. The company recently received a notable $2 million grant from the National Institutes of Health (NIH), expected to cover a substantial portion of the CMBC study’s operational costs. Notably, in November 2022, the United States Food and Drug Administration (FDA) accorded Fast Track Designation (FTD) to Kintara’s REM-001 Therapy for the treatment of patients grappling with CMBC.
REM-001 constitutes a photodynamic therapy platform boasting a promising track record in previous clinical trials across various indications. Notably, it achieved an 80% complete response rate in the realm of cutaneous metastatic breast cancer, further underscoring its potential as a formidable treatment modality.
