Prima Biomed Ltd. (NASDAQ:PBMD) a leading immuno-oncology firm reported that the company’s CEO Marc Voigt will participate in the LEERINK Partners Annual Rare Disease Roundtable. It is a one-day event that will be held in New York City on September 30, 2015.
Last month, Prima Biomed reported it will get an undisclosed clinical milestone compensation amount from its collaboration and licensing deal with Novartis AG (ADR)(NYSE:NVS) pertaining to its Phase 1 ‘IMP701 LAG-3’ antibody targeting cancer treatment.
Immutep, which the company bought in December 2014 and CoStim Pharmaceuticals, bought in February 2014 finalized a commercial licensing and collaboration deal in September 2012. As per the agreement, CoStim received a licence to develop and market antagonistic LAG-3 antibodies.
Novartis will look after the advancement of the antibody program and Prima Biomed will be entitled to get potential advancement-based milestone fees and royalties on sales following the products commercialization.
The CEO of Prima stated that there exists a strong preclinical proof that antibodies to LAG-3 can result in a sustained and increased anti-cancer immune response. The company is delighted that Novartis has advanced the key concept into the clinic with necessary assistance from Prima’s team in the field.
‘IMP701’ is categorized as a therapeutic antibody first developed by Immutep to cure LAG-3. This drug plays a significant role in managing the signaling pathways in regulatory T cells and effector T cells. It works to activate effector T cells by restricting inhibitory signals and at the same time slow up Treg activity that stops T cells from reacting to antigen stimulation. The antibody eliminates two obstacles that prevent the body’s immune system from killing cancer cells.
In last trading session, the stock price of Prima Biomed jumped more than 16% to close the trading session at $1.39. The market cap of company stands at $91.48 million.
Prima Biomed Ltd. (NASDAQ:PBMD) had a sharp gain in the last trading session as it finished the day with a large gain of 16.81%. The volume of 2.3 million for the day was much higher than the daily average of 1.2 million, reflecting intense interest on behalf of the buyers. From the broader perspective however, the gain may not matter much as the price has been moving sideways in the intermediate time frame. Either the upper boundary around $1.90 or the lower end of the range around $1.00 must be firmly broken to trigger a decisive trending move.