Galena Biopharma Inc (NASDAQ: GALE), a biopharmaceutical company developing and commercializing innovative, targeted oncology therapeutics that address major medical needs across the full spectrum of cancer care, announced that data from the Company’s Phase 2 clinical trial of GALE-401 was presented at the European Hematology Association 20th Congress in Vienna, Austria. The GALE-401 Phase 2 pilot study is a single arm, open label, multi-center study evaluating the efficacy and safety of anagrelide controlled release in subjects with thrombocytosis secondary to essential thrombocythemia (ET) and other myeloproliferative neoplasms (MPNs).
The poster presentation, entitled, “Phase 2 Study of a Novel Controlled-Release Formulation of Anagrelide (GALE-401) in Subjects with Myeloproliferative Neoplasm (MPN)-Related Thrombocytosis,” was presented on Saturday, June 13, 2015. The Phase 2 study demonstrated that GALE-401 was well tolerated with primarily Grade 1 and 2 toxicities in 16 of the 18 subjects enrolled. The efficacy shown in the trial compares favorably to historical anagrelide immediate release (IR) response rates with the following platelet response: overall response rate (ORR) of 78% (14/18); complete response (CR) of 39% (7/18); partial response (PR) of 39% (7/18). The median time to response was 5 weeks (range, 3-10), and the median duration of response has not yet been reached. Based on the data, the investigators concluded that GALE-401 remains a viable potential treatment option for MPNs, and a randomized trial comparing GALE-401 versus anagrelide IR is warranted. Final data from the GALE-401 Phase 2 trial is expected to be presented at the American Society of Hematology conference in December.
“We are encouraged by this initial trial in MPN patients showing GALE-401 is well tolerated with an overall response rate of 78%,” said Mark W. Schwartz, Ph.D., President and Chief Executive Officer. “We expect to report more mature data on the trial this Fall, and are evaluating potential next steps to further advance GALE-401 in the clinic. We are grateful to the patients who volunteered for this trial and for the site staff and investigators who continue to work with us to treat these patients and advance the asset.”
“Myeloproliferative neoplasms are progressive blood cancers that can strike anyone at any age, and is a condition patients live with for the rest of their lives. This first-in-patient data from anagrelide controlled release is promising as a potential treatment option for these patients and warrants an additional trial to further assess the characteristics of the agent and its potential,” added Srdan Verstovsek, M.D., Ph.D., Professor, Department of Leukemia, Division of Cancer Medicine, The University of Texas MD Anderson Cancer Center, and principal investigator for the Phase 2 trial.
The primary objective of the study was to estimate ORR with the secondary objectives of safety, tolerability and pharmacokinetics (PK). Enrolled patients were adult men and women diagnosed with an MPN-related elevated platelet count to include chronic myelogenous leukemia (CML), polycythemia vera (PV), primary myelofibrosis (PMF), or ET. Patient eligibility requirements also included:
- Platelet count ≥ 600 K/μL on two occasions at least 14 days apart prior to first dose of study drug
- MPN diagnosis other than ET, concurrent anti-MPN treatment was permitted, provided that the doses are stable at least 4 weeks prior to first dose of study drug
- Currently not receiving therapy specifically intended to reduce platelet counts
- Adequate hepatic function
GALE-401 was administered at a starting dose of 0.5 mg twice daily (1.0 mg/day). The dose was titrated at weekly intervals, on an individual basis, to determine the lowest dose required to achieve and maintain a target platelet count of 150-400 K/μL. Platelet response is defined as complete response (CR, ≤ 400 K/μL) or partial response (PR, ≤ 600 K/μL or ≥ 50% reduction from baseline) maintained for at least 4 weeks. (Original Source)
Shares of Galena Biopharma closed last Friday at $1.89 . GALE has a 1-year high of $3.36 and a 1-year low of $1.28. The stock’s 50-day moving average is $1.56 and its 200-day moving average is $1.59.
On the ratings front, Galena Biopharma has been the subject of a number of recent research reports. In a report issued on May 27, Maxim Group analyst Jason Kolbert reiterated a Buy rating on GALE, with a price target of $7, which implies an upside of 270.4% from current levels. Separately, on May 22, Roth Capital’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $8.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Joseph Pantginis have a total average return of 2.7% and 9.0% respectively. Kolbert has a success rate of 42.0% and is ranked #1223 out of 3624 analysts, while Pantginis has a success rate of 51.4% and is ranked #245.
In total, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $7.00 which is 270.4% above where the stock closed last Friday.
Galena Biopharma Inc, is abiopharmaceutical company focused on developing and commercializing targeted oncology therapeutics that address medical needs across the full spectrum of cancer care.