Malvern-based Galera Therapeutics has seen its stock price double following the announcement of “corrected” results from late-stage testing of avasopasem, the biopharmaceutical company’s lead drug candidate, writes John George for the Philadelphia Business Journal.
The new results show that the treatment achieved “statistical significance” with the primary endpoint of the study.
The goal is to reduce radiation-therapy-induced cases of severe oral mucositis in patients being treated for locally advanced head and neck cancer.
Following the announcement, the company’s stock increased from $1.38 per share at opening on Tuesday to $2.76 per share later in the day.
Galera first announced the phase 3 clinical trial results in October. At the time, the company found that avasopasem did not achieve statistical significance on the primary endpoint. That announcement brought the company’s stock down by more than 70 percent.
The company, however, later identified an error made by the contract research organization hired for the study. The correction of this error returned positive results.
The findings include a 16 percent relative reduction in the incidence of severe oral mucositis and a 56 percent relative reduction in the number of days of severe oral mucositis.
Read more about Galera Therapeutics in the Philadelphia Business Journal.