Onconova Therapeutics Inc (NASDAQ: ONTX) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company provided an update with regard to their work toward the clinical development of rigosertib. Today, we’ll talk about the update, what we’re seeing from ONTX, and what we’ll be watching for ahead.
ONTX Announces Clinical Update
As mentioned above, Onconova Therapeutics is having an incredibly strong start to the trading session this morning after announcing a clinical update. In a press release issued early this morning, ONTX announced that it is moving forward with its Phase 3 INSPIRE pivotal trial. This announcement comes after the interim analysis, which was recommended by the DMC.
In the release, ONTX announced that the DMC recommended the continuation of the trial with a one-time expansion in enrollment. The INSPIRE Phase 3 clinical trial is designed to study intravenously-administered rigosertib in patients with higher-risk myelodysplastic syndromes who have progressed on, failed to respond to, or relapsed after prior HMA therapy.
In the press release, Onconova Therapeutics said that it would be adding 135 patients to the original target of 225 patients. So, based upon the DMC’s recommendations, the trial will include 360 study participants. In a statement, Guillermo Garcia-Manero, M.D., Professor and Chief of the MDS Section at the MD Anderson Cancer Center and a lead investigator on the ONTX trial, had the following to say:
“Choices are very limited for higher risk MDS patients after failure of HMA therapy and no second-line therapy has ever been approved by the Health Authorities for these patients. These patients have a very short life-span and there is a tremendous unmet medical need. We remail highly supportive of Onconova’s efforts. After the interim analysis, continuation of the INSPIRE study is encouraging for patients.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. In this particular case, the news proved to be overwhelmingly positive. So, it’s no surprise to see that Onconova Therapeutics is making a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:05), ONTX is trading at $1.95 per share after a gain of $0.21 per share (11.89%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ONTX. In particular, we’re interested in following the story surrounding the INSPIRE trial and excited to see the results as this important treatment makes its way through development. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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