Shares of the North Carolina-based biopharmaceutical company Heat Biologics Inc. (NASDAQ:HTBX) jumped up over 10% on Tuesday after the company released its first-quarter financial results.
Heat Biologics focusses mainly on creating drugs for the treatment of cancer, by enhancing the immune system.
The company was able to achieve several milestones during the quarter, including positive results from several clinical trials.
The Phase 2 trial for Heat Biologics HS-410 (vesigenurtacel-L), which is meant to treat non-muscle invasive bladder cancer, had ten out of the ten patients reach a disease-free survival rate of two years.
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Another successful clinical trial included results from the Phase 2 clinical trial of the combination of the drugs HS-110 and Nivolumab, for the treatment of non-small-cell lung carcinoma (NSCLC), a lung cancer.
Heat Biologics CEO, Jeff Wolf, has said that “given the strength of [the company’s] recent data, [they] recently completed a capital raise for gross proceeds of $20.7 million,” which will help the company complete several more objectives within the next five quarters.
Objectives include starting up the company’s Phase 1 study of PTX-35, a T cell costimulator antibody, completing patient enrollment in the Phase 2 trial of HS-110 in NSCLC, and reporting the results based on these trials.
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The trial reported a decrease in the size of tumors in a majority of the patients who participated in the study.
Expenses for the company’s research and development increased by $2.9 million, compared to that of the first quarter of 2017.
Net loss for Heat Biologics Inc jumped by $300,000 from $3.2 million during the previous year’s first quarter to approximately $3.5 million.
Positive trial results from the first quarter may have led to a rise in share value.
As of 2:50 pm EDT, Heat Biologics share value had reached approximately $1.68, rising nearly 16% on Tuesday.
Comparatively, the company closed at a share value of $1.45 on Monday.
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