Advaxis, Inc. (NASDAQ:ADXS), a clinical-stage biotechnology company developing cancer immunotherapies, announced that the first patient was treated in a Phase 1b dose-escalation clinical study of ADXS-HER2 for the treatment of patients with metastatic HER2 expressing solid tumors.

The Phase 1b clinical trial is the first-in-human study of Advaxis’s lead Lm Technology™ immunotherapy product for HER2 expressing cancers. The dose escalation portion of the study will investigate the safety and tolerability of ADXS-HER2 as a monotherapy in approximately 18 patients diagnosed with metastatic HER2 expressing solid tumors, which include breast, gastric, esophageal and osteosarcoma. Once the maximum tolerated dose (MTD) and recommended Phase 2 dose have been identified, up to 80 patients may be enrolled in up to four HER2 expressing tumor specific cohorts in the expansion phase of the study.

“We are pleased to enroll our first patient in the dose escalation portion of this Phase 1b study of ADXS-HER2 in HER2 expressing solid tumors,” said Daniel J. O’Connor, President and Chief Executive Officer of Advaxis. “With the initiation of this study, we now have three clinical constructs in development and seven ongoing clinical trials, which reinforce our long-term commitment to evaluate the potential of our immunotherapy platform across different tumor types.”

Advaxis plans to establish the MTD from the Phase 1b study in pediatric patients and work with Children’s Oncology Group (COG) to potentially launch a pivotal trial in pediatric osteosarcoma in 2016. The COG, a National Cancer Institute supported clinical trials group, is the world’s largest organization devoted exclusively to childhood and adolescent cancer research.

This Phase 1b study builds upon efficacy and safety data from Phase 1 clinical studies of ADXS-HER2 conducted in dogs with osteosarcoma, which may have important translational relevance for human patients with osteosarcoma and other HER2 expressing cancers. Preliminary data from a Phase 1 clinical trial in canine osteosarcoma presented at the 2014 American College of Veterinary Internal Medicine (ACVIM) Forum suggested ADXS-HER2 safely delayed or prevented the development of metastatic disease and prolonged overall survival in pet dogs with osteosarcoma when administered after amputation and chemotherapy. Results from this trial led to ADXS-HER2 being considered by the U.S. Department of Agriculture (USDA) for expedited approval to treat canine osteosarcoma. Furthermore, preliminary data from a second ongoing canine Phase 1/2 trial presented at the 2015 American Association for Cancer Research (AACR) Annual Meeting suggested that ADXS-HER2 in combination with palliative radiation delayed tumor progression and prolonged overall survival in pet dogs with spontaneous osteosarcoma that are not candidates for primary tumor removal (amputation).

“The Phase 1 safety and efficacy data with ADXS-HER2 in canine osteosarcoma supports our clinical development of ADXS-HER2 in HER2 expressing solid tumors,” said David J. Mauro, M.D., Ph.D., Executive Vice President and Chief Medical Officer of Advaxis. “We look forward to translating this canine evidence into the first human trial of ADXS-HER2 in metastatic HER2 expressing solid tumors.” (Original Source)

Shares of Advaxis closed last Friday at $13.79. ADXS has a 1-year high of $30.13 and a 1-year low of $2.50. The stock’s 50-day moving average is $15.49 and its 200-day moving average is $18.16.

On the ratings front, Advaxis has been the subject of a number of recent research reports. In a report issued on September 18, H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on ADXS, with a price target of $30, which implies an upside of 117.5% from current levels. Separately, on August 7, FBR’s Vernon Bernardino initiated coverage with a Buy rating on the stock and has a price target of $34.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Swayampakula Ramakanth and Vernon Bernardino have a total average return of -7.5% and -16.7% respectively. Ramakanth has a success rate of 21.6% and is ranked #3506 out of 3759 analysts, while Bernardino has a success rate of 24.7% and is ranked #3722.

Advaxis Inc is a clinical development stage biotechnology company. The company is engaged in developing safe & effective immunotherapies for cancer & infectious diseases.