Parabilis Medicines Shares Jump 13% Ahead of Cancer Drug Trial Presentation
Shares of Parabilis Medicines, Inc. (NASDAQ:PBLS) rose 13.65% to $25.86 on Monday following an announcement that the biotechnology company will present updated clinical trial results for its lead drug candidate, zolucatetide. The Massachusetts-based firm is developing the oral treatment for desmoid tumors, a group of connective tissue cancers.
The upcoming presentation marks a key milestone for Parabilis Medicines, Inc. (NASDAQ:PBLS), which completed a record public offering in June that generated $787.9 million in net proceeds. That debut included a concurrent private placement of roughly 4.2 million shares to Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), whose stock moved down 1.16% to $781.60 on Monday.
Investors will be watching for the Phase 1/2 trial results, which cover both the dose escalation and dose optimization portions of the ongoing study based on a June 22 data cut. The findings will be delivered in an oral presentation at the European Society for Medical Oncology Congress in Spain, scheduled for Oct. 23 to Oct. 27, with a webcast set for Oct. 24 at 12 p.m. ET.
Key points
- Parabilis Medicines (NASDAQ:PBLS) stock gained 13.65% to $25.86 on Monday.
- The company announced an upcoming trial readout for its lead candidate zolucatetide in desmoid tumors.
- Phase 1/2 trial results will be presented at the ESMO Congress in Spain from Oct. 23 to Oct. 27.
- An oral presentation webcast is scheduled for Oct. 24 at 12 p.m. ET based on a June 22 data cut.
- Parabilis raised $787.9 million in net proceeds during its June IPO, with Regeneron acquiring 4.2 million shares.
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Why did Parabilis Medicines stock rise on Monday?
Parabilis Medicines stock rose 13.65% after announcing it will present updated Phase 1/2 trial data for its lead drug candidate, zolucatetide, at the European Society for Medical Oncology Congress.
What is zolucatetide being developed to treat?
Zolucatetide is an experimental drug being developed by Parabilis Medicines to treat desmoid tumors, which are a type of connective tissue cancer.
When will Parabilis Medicines present its trial data?
Updated clinical trial results will be presented at the ESMO Congress in Spain from Oct. 23 to Oct. 27, with an oral presentation webcast scheduled for Oct. 24 at 12 p.m. ET.