Zymeworks Inc (NYSE: ZYME) stock rises on positive milestones

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Zymeworks Inc (NYSE: ZYME) stock rose 11.36% on Jan 20th, 2020 (Source: Google finance) and continued its bullish momentum by rising  by over 1
% on Jan 21st, 2020 (as of 12:13 pm GMT-5; Source: Google finance) . The company has recently highlighted its key accomplishments in 2019 and updated its corporate priorities. Zymeworks has also announced multiple clinical program advances for its lead candidates, ZW25 and ZW49. Zymeworks has started a Phase 2 clinical trial that evaluates ZW25 in combination with Ibrance (palbociclib), which is an oral CDK4/6 inhibitor, and the hormone therapy fulvestrant with the goal of providing a chemotherapy-free treatment option to people with advanced HER2-positive, hormone receptor-positive breast cancer. Zymeworks has signed a clinical collaboration with Pfizer to advance the study. Further, ZW25 has now achieved two additional regulatory milestones, which is recently being granted Fast Track and Orphan Drug Designations by the FDA in refractory biliary tract cancer (BTC). These were ZW25’s second Fast Track and third Orphan Drug Designations. ZW25 already obtanined a Fast Track Designation for 1st line gastroesophageal adenocarcinoma (GEA), and Orphan Drug Designations for GEA and ovarian cancer.

An interim update from the ongoing ZW49 Phase 1 dose-escalation study shows that there have been no dose-limiting toxicities observed and the maximum tolerated dose has not been reached. With over ten patients treated, the majority of treatment-related adverse events have been grade 1 or 2, and were reversible and manageable on an outpatient basis. The preliminary results from these initial dose cohorts include anti-tumor activity.

Meanwhile, W49 has entered Phase 1 Clinical Testing for HER2-Expressing Cancers and is currently being evaluated. ZW49 is a HER2-targeted bispecific antibody-drug conjugate (ADC) that uses the unique geometry and antibody framework of ZW25, and is armed with Zymeworks’ proprietary ZymeLink cytotoxin. This design results in enhanced internalization and delivery of the cytotoxin to cancer cells.

On the other hand, the company for the quarter ended September 30, 2019 has reported the revenue of $7.9 million as compared to $2.1 million in the same period of 2018. Revenue for the third quarter of 2019 includes $7.5 million recognized upon Celgene’s exercise of its commercial license option and $0.4 million in research and support payments from our partners. Revenue in the same period in 2018 was mainly due to a $2.0 million development milestone upon Lilly’s submission of an IND application under a licensing agreement with Lilly. The net loss for the quarter ended September 30, 2019, was $30.5 million as compared to $18.8 million in the same period of 2018. This was mainly due to an increase in research and development expenses associated with our lead therapeutic candidates and other programs.

 

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