Biotech Sees Massive Buying Pressure Following Phase 2 Preliminary Data

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Tuesday, August 13, 2024

A California-based biotech company is finding early success on Tuesday after the company announced positive preliminary data of Vebreltinib in patients with non-CNS met fusion solid tumors from the company’s phase 2 Sparta trial.

While the announcement it self was pretty technical in nature, the important thing is that traders viewed the results as a very positive event, with shares of Apollomics Inc. (Nasdaq:APLM) opening the session at $0.284/share (+79.47%). It should be an exciting session for this micro cap!

Apollomics Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics has a pipeline of approximately nine drug candidates across multiple programs, six of which are in the clinical-stage of development. Apollomics’ lead programs include investigating its core product, vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is in a Phase II multicohort clinical trial in the United States. The Company is also developing an anti-cancer enhancer drug candidate, uproleselan (APL-106), a specific E-Selectin antagonist that has the potential to be used adjunctively with standard chemotherapy to treat acute myeloid leukemia and other hematologic cancers.

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