Oncolytics' Pelareorep Shows 3-4x Longer Response in Colorectal Cancer, Eyes Accelerated FDA Approval
ONCY has more than doubled off its 52-week low of $0.326.
Summary
Oncolytics Biotech reported highly positive durability and response rate data from its REO 022 study for pelareorep in second-line RAS-mutant MSS colorectal cancer. The study demonstrated a 19.5-month median duration of response, representing a significant 3-4x improvement over historical benchmarks of 4-6 months, and an objective response rate of 33%, tripling the standard of care. This follows a recent 8-K filing on the same day that also highlighted this positive data, and an earlier 8-K from April 27th regarding alignment with the FDA on a pivotal study design. For a clinical-stage biotech with a modest market cap, these results are highly material, indicating substantial clinical benefit in a difficult-to-treat patient population. The company is actively engaging with the FDA to discuss a potential accelerated approval pathway, which could be a major catalyst. Investors should monitor further updates on FDA discussions and the progress of the ongoing randomized Phase 2 study.
At the time of this announcement, ONCY was trading at $0.89 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $101M. The 52-week trading range was $0.33 to $1.51. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.