- Inhibrx Biosciences announced that its drug Ozekibart yielded positive results in a registrational trial for a rare type of bone cancer.
- In the study, Ozekibart achieved a 52% reduction in the risk of disease progression or death compared to placebo, more than doubling median progression-free survival to 5.52 months.
- According to Inhibrx, Ozekibart is the first investigational therapy to demonstrate a significant PFS benefit in a randomized trial for chondrosarcoma.
Shares of Inhibrx Biosciences (INBX) jumped over 62% in the pre-market session on Friday after the company announced that its drug Ozekibart yielded positive results in a registrational trial for a rare type of bone cancer.
The company investigated Ozekibart as a single agent versus placebo in patients with advanced or metastatic, unresectable chondrosarcoma, a rare type of bone cancer that develops in the cartilage cells, most often affecting the pelvis, thigh, or upper arm.
What Was Observed In The Study?
In the study, Ozekibart achieved a 52% reduction in the risk of disease progression or death compared with placebo, more than doubling median progression-free survival to 5.52 months versus 2.66 months with placebo. Progression-free survival (PFS) is the time a patient lives with a disease without worsening, from the start of treatment until disease progression or death.
According to Inhibrx, Ozekibart is the first investigational therapy to demonstrate a significant PFS benefit in a randomized trial for chondrosarcoma.
Safety Concerns
Ozekibart was generally well tolerated, with a manageable safety profile, the company said. However, one liver damage-related fatal event occurred early in the study, it noted. The company mitigated the risk during the course of the trial by excluding patients with severe liver impairment and by implementing close monitoring during early treatment cycles, thereby reducing the overall incidence of liver-related treatment-related adverse events, it added.
Inhibrx is also studying the drug in colorectal cancer and ewing sarcoma in combination with other drugs. While colorectal cancer is a cancer that forms in the colon or rectum, ewing sarcoma is a type of cancer that forms in the bone or soft tissue.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around INBX stock jumped from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume stayed at ‘extremely high’ levels. Retail chatter around the stock jumped about 985% over the past 24 hours, according to Stocktwits data.
A Stocktwits user expects the stock to rally as high as over $70, citing the company’s first-mover advantage in developing drugs for chondrosarcoma.
INBX stock is up 84% this year.
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