XBiotech Inc (NASDAQ:XBIT) shares were up 19.02% to $24.90 on Friday as the company saw favorable phase III clinical trial results for Xilonix. The company has a market cap of $958 million at 32.35 million shares outstanding. Shares have been trading in a 52-week range of $21.08 to $25.00 so it’s already at the top.
XBiotech Inc is a clinical-stage biopharmaceutical company engaged in discovering and developing True Human monoclonal antibodies for treating a range of diseases. It is currently focused on bringing Xilonix, its lead product, into the market. Xilonix neutralizes a pro-inflammatory protein produced by leukocytes and other cells and is being evaluated as a monotherapy to treat advanced stages of colorectal cancer.
In the latest batch of clinical trials, XBiotech reported that Xilonix-treated patients with advanced disease and multiple symptoms known to inversely correlate with overall survival experienced a 76% relative increase in clinical response rate. Aside from that, clinical response also correlated with improved overall survival. Aside from increased overall survival, responders gained more lean body mass compared to non-responders, had reduced fatigue and pain and improved appetite. These results were presented in at the 18th European Society of Medical Oncology (ESMO) World Congress on Gastrointestinal Cancer in Barcelona, Spain.
There is an urgent need for new forms of anti-tumor, disease-modifying cancer therapies that effectively control disease while being less toxic,” said XBiotech CEO and President John Simard. “We believe these data demonstrate that our True Human monoclonal antibody targeting interleukin-1 alpha has the potential to meet this critical need.”
With that, Xilonix is expected to see approval soon, as it is already underaccelerated review by the European Medicines Agency. Analysts are expecting an approval decision to come as early as the fourth quarter of the year, lending more growth prospects for XBiotech and upside potential for the company’s stock.
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