Faeth Therapeutics Inc. shares climbed on Wednesday after the biotechnology company reported positive interim results from a Phase 1 clinical trial evaluating its experimental therapy FT-001 for solid tumors.
The trial, which is assessing the safety and preliminary efficacy of FT-001 in patients with advanced solid malignancies, met its primary endpoint of tolerability with no dose-limiting toxicities observed at the initial dose levels. Secondary endpoints included early signs of antitumor activity, which the company described as encouraging.
Faeth Therapeutics said the data support further development of FT-001 and the initiation of additional cohorts in the trial. The company plans to present detailed findings at an upcoming medical conference and submit the results for peer-reviewed publication.
Shares of Faeth Therapeutics surged more than 50% in premarket trading following the announcement, extending gains from Tuesday. The stock had already risen nearly 30% the previous session on reports of the trial progress.
The biotech, which went public in 2021, focuses on developing targeted therapies for cancer treatment. FT-001 is designed to inhibit a specific molecular pathway implicated in tumor growth and survival.
Investors closely monitor early-stage clinical trial results for biotech firms, as positive data can significantly influence stock performance and funding prospects. The latest update follows a period of volatility for Faeth Therapeutics, which has seen its shares fluctuate amid broader market conditions and sector-specific developments.
