The small-cap biotech has reported positive data from phase 1 trials of CA-4948. Curis has also announced its public offering for the common stock.
Curis, Inc. (CRIS) is all bullish following the release of positive preliminary data of its Phase 1 trials of CA-4948. The company is working on its ongoing open-label and single arm dose escalation study to evaluate the efficacy and tolerance of CA-4948 in leukemia patients.
Curis was a titan in the market on Dec. 8 as the stock rallied up to 450% trading at a 52-week high of $7.90. CRIS shares kicked off at $5.47 from the prior close of $1.44. The positive data from small molecule IRAK4 kinase inhibitor for leukemia patients had the stock soared with high volume.
CRIS was just behind the top traded SNDL with over 326 million trading volume compared to the average volume of 6.1 million.
As we write this at 5:30 A.M. before hours, CRIS was continuing the bullish momentum trading at $7.06 up by 7.79%.
What’s Happening with the Biotech?
The Lexington-based biotech firm works on the development of innovative therapeutics that can help in treating cancer sufferers. Curis, Inc. is making progress with its CA-4948, a novel IRAK4 kinase inhibitor that can treat patientswith acute myeloid leukemia (AML).
The company in a press release reported that CA-4948 was successful in reducing marrow blast reductions in six patients. Among these six patients, two of them saw a marrow complete response. This reaction resulted in blast count dropping to 1% from 23% and 2% from 11% under the ongoing Phase 1 trial.
The positive aspect of the study is that all six participants are keeping up with the study. After obtaining Phase 1 study primary endpoints, Curis now focuses to attain proper dose levels of CA-4948 for a planned Phase 2 study.
Curis obtained highly encouraging results considering the fact that AML and MDS studies have proven underwhelming. The study in a relapsed setting is a difficult task to achieve but the company has recorded strong clinical activity with CA-4948 this early.
Moreover, the trial partners of the company have also done a great job in enrolling patients, keeping up with the pace of the study. Curis is looking forward to moving onto the next stage and report additional Phase 1 data in the second half of 2021.
In addition, Curis has also announced the plan to offer and sell its common stock shares in an underwritten public offering. The underwriters will have a 30-day option to buy additional common stock shares in an amount of 15% of the shares sold.
Curis, Inc. will use the net proceeds to advance CA-4948 development. Also, the biotech intends tocollaborate with Aurigene, and CI-8893, in partnership with ImmuNext. The rest of the net proceeds along with existing cash will be used for capital expenses and general working capital.