24/7 Market News Snapshot 02 December, 2024 – Purple Biotech Ltd. American Depositary Shares (NASDAQ:PPBT)

December 2, 2024

DENVER, Colo., 02 December, 2024 (247marketnews.com) – (NASDAQ:PPBT) are discussed in this article.
Purple Biotech Ltd. has generated significant market excitement following a striking surge in its share price, which climbed 78.33% to reach $5.983 in pre-market trading, up from the previous close of $3.355. The trading volume at that time hit 2.00 million shares, signaling robust investor interest and potentially indicating positive market sentiment or forthcoming favorable announcements. Such momentum highlights the company’s strategic positioning as it continues to innovate in the oncology space.

At the core of this surge is Purple Biotech’s recent disclosure of promising final results from a pivotal clinical trial concerning its lead oncology drug, CM24. This humanized monoclonal antibody is designed to target CEACAM1, a key factor in the mechanisms of tumor immune evasion and drug resistance. Results from the randomized Phase 2 study in patients suffering from pancreatic ductal adenocarcinoma (PDAC) demonstrated significant clinical efficacy, particularly when CM24 was combined with the immune checkpoint inhibitor nivolumab and standard chemotherapy.

Crucially, the trial uncovered noteworthy enhancements across all primary efficacy endpoints. In a subgroup of patients selected based on specific biomarkers, CM24 was shown to reduce the risk of death by an astounding 79% and extend median overall survival by 5.1 months. Additionally, the therapy achieved a remarkable 90% reduction in the risk of progression or death, resulting in a 50% overall response rate, contrasting sharply with the control group’s results.

In light of these encouraging findings, Purple Biotech plans to initiate a Phase 2b clinical study that will focus on multiple indications while implementing biomarker-driven patient selections. These efforts underscore the company’s dedication to addressing the significant unmet needs within the cancer treatment landscape, amplifying the potential impact of CM24 in oncology.

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