Penny Stock in News: Oncolytics Biotech Inc. (ONCY)
Shares of Oncolytics Biotech Inc. (NASDAQ: ONCY), a development-stage biotechnology company engaged in the research and development of cancer therapeutics; fell sharply in Wednesday’s trading session.
The penny stock of ONCY ended the day 12.06% lower at $2.48. The stock has pared some of its losses in pre-market trading today, gaining 2.42% to $2.54.
Earlier today, ONCY announced preliminary results from its U.S. Phase 2 clinical trials in patients with squamous cell carcinoma of the lung (SCCLC) using intravenous administration of REOLYSIN® in combination with carboplatin and paclitaxel.
REOLYSIN is ONCY’s proprietary formulation of human reovirus.
The primary aim of the Phase 2 trial is to evaluate the antitumor effect of the treatment regimen in the study population in terms of objective response rates. The company said that the primary endpoint of the study was met after 15 evaluable patients were enrolled.
Dr. Brad Thompson, CEO of Oncolytics Biotech, said that the preliminary results are encouraging and further supportive of the decision to conduct a randomized Phase II study REOLYSIN in non-small lung cancer (NSCLC) patients including those with SCCLC. Thompson said that the Oncolytics Phase II program continues to grow and now includes randomized trials in six separate indications.
On Wednesday, ONCY had provided an update on Phase III study of REOLYSIN in head and neck cancers. The company said that the median evolving progression free survival for 80 patients enrolled in the first stage of the study was greater than expected as was the best response rate. Further evaluation showed that patients for whom only metastatic disease was being measured by clinicians, were responding differently to the treatment than patients who had local regional head and neck disease.
Based on the differential PFS, ONCY has identified two distinct patients groups are being enrolled in the clinical study and therefore the two groups of patients must be considered to be different for the purpose of both analysis and investigation.
ONCY’s CEO said that segregating and separately evaluating the two identified patient groups means, the company will be able to obtain its first randomized data in the two patient populations, including one with only metastatic disease.
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