FDA Clears IND for Crescent's PD-L1 ADC CR-002, Phase 1/2 APOLLO Trial to Start Q4
CBIO sits 71% above its 52-week low of $8.72.
Summary
Crescent Biopharma received FDA clearance to begin clinical trials for CR-002, its PD-L1-targeted topoisomerase inhibitor ADC for solid tumors. The Phase 1/2 APOLLO trial will enroll about 200 patients across the US, Europe, and Asia Pacific, with initial data expected in H2 2027. This is the third program in Crescent's pipeline to enter the clinic, following its lead PD-1 x VEGF bispecific antibody. The company has $305M pro forma cash, funding operations into 2028, so the trial is fully supported. For a $532M market cap biotech, advancing a novel ADC into the clinic is a meaningful de-risking event, though data readouts are still two years away.
At the time of this announcement, CBIO was trading at $14.91 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $531.9M. The 52-week trading range was $8.72 to $27.41. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.