Company Update (NASDAQ:CTIC): CTI BioPharma Corp’s Tosedostat In Combination With Cytarabine Achieves Primary Endpoint In Study In Elderly Patients With AML
CTI BioPharma Corp (NASDAQ:CTIC) announced findings from an investigator-sponsored Phase 2 trial in patients with either primary (de novo) acute myeloid leukemia (AML) or AML that has evolved from myelodysplastic syndrome (MDS). Results showed the combination of tosedostat with low dose cytarabine/Ara-C (LDAC) resulted in an overall response rate (ORR) of 54 percent in elderly patients with AML – with 45 percent of patients achieving durable complete responses (CR). These final results were presented by Dr. Giuseppe Visani, Director of Hematology and Stem Cell Transplant Center at AORMN, Pesaro, Italy in a poster session (abstract #P564) during the 20th Congress of the European Hematology Association (EHA), June 11-14, 2015 in Vienna, Austria.
AML is the most common acute leukemia affecting adults, and its incidence increases with age. AML may develop from the progression of other diseases, such as MDS, which is a blood cancer that also affects the bone marrow and leads to a decrease in circulating red blood cells. Tosedostat is a potential first-in-class selective inhibitor of aminopeptidases, which are required by tumor cells to provide amino acids necessary for growth and tumor cell survival.
“Both the types and length of responses in this trial with tosedostat are very encouraging – particularly given the limited options and poor outcomes historically observed in elderly patients with acute myeloid leukemia, either de novo or secondary after myelodysplastic syndrome,” said Dr. Visani. “Importantly, through this study we have also identified potential biomarkers that may help identify high-risk patients in which we are more likely to see these clinically meaningful results – the findings of which are quite compelling and warrant further study.” (Original Source)
Shares of CTI BioPharma closed last Friday at $2.04 . CTIC has a 1-year high of $3.14 and a 1-year low of $1.65. The stock’s 50-day moving average is $1.87 and its 200-day moving average is $2.12.
On the ratings front, Roth Capital analyst Debjit Chattopadhyay reiterated a Buy rating on CTIC, with a price target of $4.50, in a report issued on June 1. The current price target implies an upside of 120.6% from current levels.
According to TipRanks.com, Chattopadhyay has a total average return of 32.2%, a 69.5% success rate, and is ranked #16 out of 3624 analysts.