NEW YORK, NY / ACCESSWIRE / September 13, 2017 / Heat Biologics saw a gain on Tuesday after announcing that it has been granted a Type C FDA meeting to discuss its non-small cell lung cancer (NSCLC) trial with HS-110 in combination with Bristol Myers-Squibb's Opdivo. Shares of Advaxis sank after traders continued to digest the company's miss on both the top and bottom line in its third quarter financial report.
RDI Initiates Coverage on:
Heat Biologics Inc.
Heat Biologics' shares closed up 6.54% on Tuesday with nearly 5.3 million shares traded. It was yesterday that the biopharma company revealed that it had been granted a Type C meeting with the FDA. The meeting is to discuss the registrational pathway for Heat Biologics' non-small cell lung cancer (NSCLC) trial with HS-110 in combination with Bristol Myers-Squibb's Opdivo® based upon the company's maturing Phase 2 data. CEO Jeff Wolf commented, "We are looking forward to discussing our proposed HS-110 registrational pathway and development plan for the treatment of advanced NSCLC. We are encouraged by the positive safety and efficacy signals that have been previously reported, which support the hypothesis that tumor-specific T-cell activation enhances the clinical activity of checkpoint inhibitor therapy. We are adapting to the changing landscape of cancer immunotherapy by incorporating novel combinations, and very much look forward to progressing our study."
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Advaxis' shares sank on Tuesday closing the day down 19.88%. The stock even soared to a new 52-week low of $5.45 during intra-day trading. It was the day before that the company announced its third-quarter earnings report and also provided a business update which resulted in traders growing impatient. The biotech company, which is developing immunotherapies that enlist the body's own immune system to fight cancer, reported a loss of $32.6 million in the fiscal third quarter. For the quarter, Advaxis reported cash, cash equivalents and investments totaled $89.4 million as of July 31st, 2017, compared to $115.3 million as of April 30th, 2017. Advaxis is altering a strain of Listeria bacteria so that it stimulates a patient's immune cells so that they can recognize and attack cancer cells. The company anticipates to complete a submission of a marketing application to European regulators by the end of this year.
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