Celsion Corporation (NASDAQ:CLSN)
Shares of Celsion Corporation (NASDAQ:CLSN) exploded in the market after the cancer-drugs developer said its candidate drug for ovarian cancer showed promising findings in early-stage trials. The $20 million biotech company says a Phase 1b study of Gen-1 as a standard care for patients with advanced ovarian cancer demonstrated a 100% disease control rate with an 86% objective response rate.
Gen-1 Positive Results
In the OVATION study, Gen-1, in combination with standard chemotherapy, produced positive results according to the company with no dose limiting toxicities. In a poster presentation at the American Society of Clinical Oncology, Celsion Corporation (NASDAQ:CLSN) says two of the 14 patients under treatment demonstrated a complete response. Ten patients, on the other hand, demonstrated partial response with two demonstrating stable diseases.
Fourteen patients had successful resections of their tumors with nine patients showing R0 resection. All patients also experienced a significant decrease in CA-125 protein according to the biopharmaceutical company.
“The translational research data in the poster presentation demonstrates that GEN-1 is producing beneficial cytokines and positively impacting T-cells in the tumor. This is strong early data and we believe that GEN-1 may be stimulating the immune system to improve tumor control in these patients. I am looking forward to continuing our clinical evaluation of GEN-1 in subsequent ovarian cancer studies,” said Dr. Premal Thaker.
In view of the encouraging clinical results, Celsion Corporation (NASDAQ:CLSN) is planning to evaluate GEN-1 in combination with Avastin in the 2nd line. The company is also exploring the possibility of continuing the clinical trials in an underserved patient population.
Reverse Stock Split
Separately Celsion Corporation (NASDAQ:CLSN) has carried out a 1:14 reverse split of its common stock in what is seen as an effort to reduce over dilution. The number of outstanding shares were reduced to about 4.1 million from 56,982,418. The reverse stock split was approved by the company’s shareholders at the annual general meeting last month. Celsion Corporation (NASDAQ:CLSN) hopes the reverse split will make the common stock attractive to institutional investors – especially after the recent positive clinical trials.
Celsion Corporation (NASDAQ:CLSN) stock was up by 24.06% in Monday’s trading session on the positive Gen-1 news, and ended the day at $3.30 a share.
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 Grey 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.