TrovaGene Inc. (NASDAQ:TROV)
TrovaGene Inc. (NASDAQ:TROV) was a big mover after announcing plans to lend AstraZeneca plc. (ADR)(NYSE:AZN) its Trovera urine-based ctDNA biomarker test and related services. Under terms of the agreement, the giant pharmaceutical company is allowed to use the urine liquid biopsy test in its biomarker study.
AstraZeneca- TrovaGene Deal
The study seeks to evaluate whether blood and urine testing, in combination, can be used to identify epidermal growth factor receptor T790M.
“We’re pleased to partner with AstraZeneca and to have our urine liquid biopsy test included in a trial designed to explore new and non-invasive ways to detect if patients have this EGFR mutation and may be appropriate for specific treatment options,” said Bill Welch, Chief Executive Officer of Trovagene. “This agreement marks a major milestone for Trovagene,” said TrovaGene Inc. (NASDAQ:TROV) CEO, Bill Welch.
It does not come as a surprise that TrovaGene Inc. (NASDAQ:TROV) stock traded higher in the market if what AstraZeneca brings to the table is anything to go by. The giant pharmaceutical choosing the company’s liquid biopsy test for its own study validates the technology in the industry – something that could lead to bigger things in the near future. The company currently conducts testing services for other biopharmaceutical companies and third parties as part of renewed focus on liquid biopsy tests and systems.
PCM-075 Clinical Study
In addition to pursuing growth on the development of biopsy kits and systems, TrovaGene Inc. (NASDAQ:TROV) is also ramping up efforts regarding its drug pipeline. The company recently reported data from a phase 1 study of PCM-075 kinase 1 inhibitor.
According to the company, data results are positive for the Phase1/2 clinical trial in patients with acute myeloid leukemia. TrovaGene also investigated the drug on its anti-tumor activity as well as its ability to modulate intracellular targets.
“We believe the phase 1 data indicates broad applications for PCM-075 in hematologic malignancies and solid tumors and we plan to continue to assess, and explore, additional precision cancer therapeutic opportunities going forward,” said Chief Scientific Officer, Dr. Mark Erlanger
Separately, the San Diego-based precision medicine biotechnology company reported a net loss of (-$10) million for the first three months of the year, compared to a net loss of (-$10.3) million reported the previous year. Revenue in the quarter totaled $95,000.
TrovaGene Inc. (NASDAQ:TROV) stock was up by 19.93% in Monday’s trading session ending the day at $0.968 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: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.