Sierra Oncology Inc. (NASDAQ:SRRA)
Sierra Oncology Inc. (NASDAQ:SRRA) traded higher after announcing the appointment of Dr. Andrew Allen to its Board of Directors. The stock was up by 12.6% in Wednesday’s trading session to end the day at $2.14 a share.
Wednesday’s rally saw the stock break a key resistance level at $1.90, affirming a bullish run that began in June. The stock is now up by more than 30% for the year as it continues to trade in a strong uptrend marked by a new 52-week high of $2.20 a share.
The appointment of Dr. Allen comes at a time when the clinical stage drug development company is advancing next-generation DNA Damage Response therapies for the treatment of patients with cancer. He joins the company with vast experience, having served as the Chief Executive of Gristone Oncology, and as Chief Medical Officer at Pharmion Corporation.
“I’ve been highly encouraged by the sophisticated approach Sierra is taking to developing SRA737, leveraging the rich biology of Chk1 synthetic lethality to incorporate prospective genomic profiling strategies to enhance patient selection in their trials and potentially improve their prospects for positive outcomes. I look forward to working closely with this outstanding team,” said Dr. Allen.
Sierra Oncology Inc. (NASDAQ:SRRA) will report preclinical data supporting the development of SRA737 at the upcoming AACR-NCI-EORTC International Conference on Molecular Targets and Cancer on October 26-30, 2017. The candidate drug is currently being investigated in two Phase 1 clinical trials in patients with advanced cancer.
The Chk1 inhibitor, SRA737 has been granted a selection patent by the U.S Patent and Trademark Office, which extends coverage until 2033. A similar European patent was issued in February. According to Sierra Oncology, the intellectual property establishes a solid foundation for the potential future commercialization of the promising candidate drug
“We anticipate generating additional intellectual property claims as we advance our DDR-focused research activities and our innovative genetics-driven clinical programs,” said CEO Nick Glover.
Q2 Financial Results
Separately, Sierra Oncology Inc. (NASDAQ:SRRA) reported a net loss of (-$10.3) million for the three months ended June 30, 2017, down from a net loss of (-$12.9) million reported a year ago. Cash and cash equivalent as of the end of the quarter stood at $125 million compared to $109 million as of December 31, 2016. According to the clinical stage company, the existing cash is sufficient to fund operations through mid-2019.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.