Sophiris Bio Inc (NASDAQ: SPHS) is having an incredibly strong start to the trading session this morning, and for good reason. The comapny announced a clinical update, providing positive data in the process. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The clinical update;
- what we’re seeing from SPHS as a result; and
- what we’ll be watching for with regard to the stock ahead.
SPHS Climbs On Clinical Update
As mentioned above, Sophiris Bio is having an incredibly strong start to the trading session this morning after the company announced a clinical update. In a press release issued early this morning, the company announced the conclusion of the ongoing investigation into a death of a patient in a Phase 2b trial. The trial surrounded the treatment of localized prostate cancer.
In the release, SPHS said that the investigation resulted in an opinion that it is unlike that the death is related to either topsalysin or the procedure. Also, the company said that it has notified regulatory authorities in the United States and the United Kingdom where the study is being conducted.
In the release, the company said that following a comprehensive review of the recently received autopsy report, hospital records and negative serology results for acute hypersensitifvity, the Investor came to the conclusion that the cause of death was consistant with the autopsy finding of Sudden Cardiac Death, likely due to an arrhythmia. In a statement, Randall E. Woods, President and CEO at SOPH, had the following to offer:
As we have previously reported, over 450 patients have received topsalysin at various doses. Topsalysin continues to appear to be well-tolerated with no new safety signals reported… We are very encouraged with the results from the single administration of topsalysin in our Phase 2b study that were reported in June 2018. We continue to plan and move forward with a potential Phase 3 study design based on the response rates and safety profile we have observed to date. We look forward to reporting the complete efficacy and safety data from the Phase 2b study by the end of the year which will include the biopsy and safety data from the 10 patients who received a second administration of topsalysin.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Sophiris Bio, the news proved to be overwhelmingly positive. After all, the death in the study was not related to the treatment being studied, nor the procedure. So, it comes as no surprise that excited investors are sending the stock toward the top. Currently (10:29), SPHS is trading at $3.36 per share after a gain of $0.80 per share or 31.37% 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 SPHS. In particular, we’re interested in following the story surrounding the company’s continued work to bring topalysin to market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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