SAN JOSE, Calif. - Anixa Biosciences, Inc. (NASDAQ: NASDAQ:ANIX), in collaboration with Cleveland Clinic, has presented new data from its Phase 1 breast cancer vaccine trial at the Society for Immunotherapy of Cancer's 39th Annual Meeting. The vaccine, targeting the protein α-lactalbumin, is being studied in patients with triple-negative breast cancer (TNBC) and those at high genetic risk for TNBC.
The recent findings indicate that the vaccine was safe and well tolerated across three different patient cohorts. In cohort 1a, which includes women previously treated for TNBC, the vaccine achieved its safety, tolerability, and immune response goals. Cohort 1b consists of women with BRCA1, BRCA2, or PALB2 mutations who were vaccinated before prophylactic mastectomies. The third cohort includes TNBC patients treated with pembrolizumab (Keytruda) post-surgery, where the vaccine did not cause major adverse effects.
Over 70% of patients across the cohorts exhibited immune responses, and the study is moving towards a Phase 2 trial slated for 2025. This next study phase will assess the vaccine's effect in a neoadjuvant setting for newly diagnosed breast cancer patients.
The vaccine, developed from research by the late Vincent Tuohy, Ph.D., at Cleveland Clinic's Lerner Research Institute, is licensed to Anixa, which may owe royalties to Cleveland Clinic upon commercialization.
This press release statement summarizes the vaccine's progress and future study plans, excluding any marketing language or unverified claims. The information is based on a press release statement.
In other recent news, Anixa Biosciences reported key developments in its cancer research efforts. The company, in collaboration with Moffitt Cancer Center, submitted a protocol amendment for a clinical trial targeting ovarian cancer, potentially allowing a second dose of CAR-T therapy for suitable patients. Anixa Biosciences also disclosed plans for a Phase 2 study of its breast cancer vaccine following a Phase 1 trial currently underway at Cleveland Clinic.
Analysts have been actively covering Anixa Biosciences with EF Hutton initiating coverage with a Buy rating and H.C. Wainwright maintaining a Buy rating despite reducing the 12-month price target to $7.00. In their financial report, Anixa Biosciences reported a net loss of $3.1 million for the second fiscal quarter of 2024, which was less than the expected loss of $3.5 million.
Additionally, Anixa Biosciences announced a share repurchase program and received a Japanese patent for its breast cancer vaccine technology. The company also expanded its Cancer Business Advisory Board with the addition of Dr. Sanjay Juneja. These are among the recent developments in Anixa Biosciences' pursuit of advancing cancer treatment and prevention.
InvestingPro Insights
Anixa Biosciences' recent presentation of promising Phase 1 breast cancer vaccine trial data aligns with some encouraging financial metrics and analyst expectations. According to InvestingPro data, the company's market capitalization stands at $121.48 million, reflecting investor interest in its innovative approach to cancer treatment.
An InvestingPro Tip indicates that analysts anticipate sales growth for Anixa in the current year, which could be linked to the positive momentum from the vaccine trial results and the planned progression to Phase 2 studies in 2025. This potential revenue increase is particularly significant given that the company's revenue growth in the last twelve months as of Q3 2024 was -100%, suggesting a possible turnaround in financial performance.
Another relevant InvestingPro Tip highlights that Anixa holds more cash than debt on its balance sheet. This strong liquidity position could be crucial for funding the upcoming Phase 2 trial and supporting further research and development efforts without immediate financial strain.
It's worth noting that Anixa's stock has shown strong returns over the last month and three months, with price total returns of 17.53% and 16.77% respectively. This recent market performance may reflect growing investor confidence in the company's pipeline and clinical progress.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights, with 11 more tips available for Anixa Biosciences.
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