ITUS Corp (NASDAQ: ITUS) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company provided its shareholders with a clinical update and informing them of a coming corporate update. Of course, this caused excitement among investors, leading to gains in the value of the stock. As is usually the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:53), ITUS is trading at $2.07 per share after a gain of $0.14 per share or 7.25% thus far today.
ITUS Gains On Updates
As mentioned above, ITUS is having an incredibly strong start to the trading session this morning after providing investors with a clinical update while informing them of a coming corporate update. The corporate update will come by way of its Annual Meeting of Stockholders, which will be held tomorrow, September 22, 2017.
The company said that its wholly owned subsidiary, Anixa Diagnostics recently renewed its research agrement with The Wistar Institute for continued development of CcheckTM. Ccheck is the company’s early cancer detection technology. The company also reminded investors of the recently announced issuance of US Patent 9,739,783, which covers the company’s technology for cancer detection.
Looking ahead of the cancer diagnostics development plans at ITUS, the company also plans on expanding its fight against cancer with an exclusive option agreement with The Wistar Institute. The license agreement covers intellectual property surrounding a proprietary Chimeric: Antigen Receptor T-Cells (Car-T) technology. This technology is focused on Ovarian Cancer, but has the potential for future indications in prostate, pancreatic, and other cancers as well. In a statement, Dr. Amit Kumar, President and CEO at ITUS, had the following to offer…
“We continue to make progress in our R&D efforts as we work with our partners, MD Anderson, U. Pennsylvania’s Abramson Cancer Center, Deleware Valley Urology, Virtua Hospitals, and others. CcheckTM, which has demonstrated 91% sensitivity and specificity in a preliminary study, continues to perform at that level or better.
The results of these studies to date have been consistent with the superior performance of our data in our own clinical studies. When completed, we plan to disclose the results of these studies in concert with each individual collaborator.
We are very pleased with this exclusive option to our long-term partner’s innovative Car-T technology. Car-T technology has been the subject of much attention recently as pioneer Car-T company Kite Pharma recently announced its acquisition by Gilead, and the FDA has recently approved Novartis’s KymriahTM for treatment of B-cell Acute Lymphoblastic Leukemia. In addition to our ongoing discussions with The Wistar Institute, we are concurrently negotiating with one of the country’s top cancer centers to further develop the technology, aiming to complete the studies necessary to submit to the US FDA, enabling human testing on ovarian cancer patients.
Car-T technology has shown tremendous promise in B-cell cancers, but very little progress has been made on solid tumors, like ovarian cancer. The Wistar Institute’s approach utilizes Car-T and their published animal studies show great efficacy… We hope to update our shareholders on all of these and other initiatives in the coming months.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ITUS. In particular, we’re interested in following the ongoing work surrounding CarT the company is doing to bring innovative new options to the oncology market. Nonetheless, we’ll continue to follow the story closely and bring it to you as it breaks!
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