FDA accepts Spring Bank's cancer drug into new drug program
Stock of startup Hopkinton drugmaker Spring Bank Pharmaceuticals was up nearly 10% Monday on the news its new drug was accepted into the U.S. Food and Drug Administration's drug program to begin clinical trials.
The drug accepted as an Investigational New Drug is currently named SB 11285, an intravenously administered medicine aimed to treat some forms of lung, colorectal and skin cancers.
Shares of the company’s stock were trading for as high as $5 on the Nasdaq stock exchange Monday after closing at $4.51 on Friday.
In a statement, Atif Abbas, vice president and head of oncology & immunology development, said the drug has the potential to treat a broad range of cancers.
“We look forward to working with our Phase 1 trial investigators to explore the effects of a new novel intravenously-administered immunotherapeutic treatment regimen in patients,” Abbas said.
SB 11285 is a second-generation STING (STimulator of INterferon Gene) agonist drug preclinical findings indicate could be used to target a variety of tumors throughout the body and enhance the activity of other therapies.
Trials will be conducted at multiple sites in the U.S. and top-line results are expected in the middle of next year.
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