Allarity Therapeutics (NASDAQ: ALLR) stock plummeted over 10% in intraday trading Thursday after the company announced it discontinued its ovarian cancer trial.
Allarity Therapeutics (ALLR) recently announced its decision to terminate its Phase 2 clinical trial for stenoparib, a PARP inhibitor under investigation, in patients with advanced recurrent ovarian cancer. The observation of clear clinical benefits, including tumor shrinkage and sustained disease stability, particularly in heavily pre-treated patients, has led to this decision.
The trial utilized Allarity’s proprietary companion diagnostic tool, the Drug Response Predictor (DRP®), to identify and treat patients most likely to benefit from a therapy called stenoparib. The trial showed promising results, demonstrating the effectiveness of stenoparib as a standalone treatment. As a result, Allarity has decided to allocate resources towards further developing this therapy and conducting another trial to submit it for regulatory approval.
Thomas Jensen, the CEO of Allarity Therapeutics, expressed his satisfaction with the trial’s early results. He stated that these results have exceeded initial expectations, providing critical insights for advancing the development of the drug. The company emphasized that the current patients would continue to receive treatment as planned.
Advanced recurrent ovarian cancer poses significant challenges due to its resistance to conventional treatments. Allarity’s DRP® technology seeks to address this by enhancing treatment efficacy through personalized selection based on the gene expression signature of patients’ cancers, potentially increasing therapeutic benefit rates.
Allarity Therapeutics, a clinical-stage biopharmaceutical company with a research facility in Denmark and headquarters in the U.S., focuses on personalized cancer treatments. The company’s mission centers on addressing unmet medical needs in cancer treatment.
Allarity Therapeutics (NASDAQ: ALLR) Stock Price Action
ALLR stock tumbled 10.22% to close at $1.23 on Tuesday. Its value has dropped by 14% this week. Trading activity has witnessed 93,582,062 (93.58 million) shares changing hands, well above the average daily volume of 549.99K.
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