Stocks in cancer pharma company CytRx Corporation (NASDAQ:CYTR) have been on a dazzling rise this week on the heels of an announcement it made last Wednesday in relation to anti-cancer agent aldoxorubicin, which it developed. At the time of writing (4:00 pm EST) CytRx stocks are valued at $2.27, up 24.04% in the last 24 hours, bringing the market cap to $61.5m USD. Over the past week, CytRx stocks have increased 26.18%.
CytRx said in a press release that Nantcell, Inc. dosed the first patient of a phase 1b clinical trial with aldoxorubicin in order to investigate its effect on metastatic pancreatic cancer. CytRx chairman and CEO Steven A. Kriegsman said of the trial: “NantCell’s decision to include aldoxorubicin in this new trial speaks to their commitment to expanding its potential use in combination with immuno-oncology agents and cell-based therapies.”
The trial seeks to measure the effectiveness and safety of drugs used in combination, so aldoxorubicin was administered alongside other therapies. Approximately 173 patients will be involved in the trial, which aims to conclude with an objective response rate to therapy combinations.
Although the news was released almost a week ago, stock prices didn’t begin to take off until Monday this week, possibly due to a simple slow uptake.
It’s been a good start to the year for CytRx so far, following their presentation at the Biotech Showcase 2018 convention in San Francisco earlier this month. It is a welcome change since the latter half of last year was marked by a pretty steady drop in stock prices as well as reports of a 3Q loss, meaning stocks are now at their highest point since late November.
The pharma and biotech industries have seen some big developments over the past couple of weeks, so investors should eye the healthcare sector with increasing interest. Earlier this month Novavax (NVAX) shares increased 59.40% following trial results, while Aeterna Zentaris (AEZS) enjoyed a 37% share increase following a drug deal with Strongbridge Biopharma (SBBP).
Keep an eye on CytRx as the NantCell trial continues, and look for advancements in Aldoxorubicin, which is the key drug in CytRx’s pipeline at the moment. Check back tomorrow to see if CytRx’s stocks are still on the rise.
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