Deciphera Pharmaceuticals Inc (NASDAQ: DCPH) shares surged more than 122% on heavy volume in premarket trade on Tuesday after the company released positive results for a phase 3 clinical trial of its treatment of gastrointestinal stromal tumors (GIST). At press time, the stock was up $16.26, or 81.52% to change hands at $36.21 a share.
The biopharmaceutical company said the study met its primary endpoint of preventing cancer from progressing in patients with gastrointestinal stromal tumors (GIST), a type of stomach cancer.
According to a statement released by Deciphera, the study tested the treatment, ripretinib, against placebo in 129 patients with fourth-line and fourth-line plus gastrointestinal stromal tumors. The company said the treatment significantly reduced the risk of GIST progression or death by 85%.
Deciphera said the positive results clear the way for executives to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in the first quarter of 2020. According to the American Cancer Society, 11,140 Americans are expected to succumb to stomach cancer this year.
“Today’s announcement represents a significant milestone in our mission to deliver important new medicines for the treatment of cancer. On behalf of the entire Deciphera team, I would like to thank the patients, their caregivers and the healthcare professionals who participated in the INVICTUS study,” said Steve Hoerter, President and Chief Executive Officer of Deciphera.
“The data from INVICTUS reinforce our belief that ripretinib has the potential to transform the treatment of GIST, and our focus now turns to working closely with the FDA as they evaluate ripretinib for those patients with GIST who, having failed all currently approved therapies, are in desperate need of a treatment option,” Hoerter added.
Deciphera Pharmaceuticals Inc Profile
Deciphera Pharmaceuticals Inc is a biotechnology company, develops and manufactures kinase-inhibiting drugs for the treatment of cancers and immunological diseases. It holds a diverse pipeline of drug candidates that includes three clinical-stage and two research-stage programs.
Its lead drug candidate DCC-2618 is designed to inhibit the full spectrum of mutant or amplified KIT and Pdgfra kinases that drive cancers such as gastrointestinal stromal tumors, advanced systemic mastocytosis, gliomas, and other solid tumors.
In addition, it is also developing two other clinical-stage drug candidates, DCC-3014 and Rebastinib. Geographically all the operations are functioned through the region of US. – Warrior Trading News