Five Prime Therapeutics (FPRX) is down 35% after the abstract featuring data from the Phase 1a/1b clinical trial evaluating the immunotherapy combination of its CSF-1R antibody, cabiralizumab (FPA008, or ‘cab'), with Bristol-Myers Squibb's (BMY) Opdivo PD-1 immune checkpoint inhibitor treating pancreatic cancer disappointed investors this morning.
The trial data was selected for a late-breaking oral presentation at the Society for Immunotherapy of Cancer (SITC) 32nd Annual Meeting, being held Nov. 8-12, 2017 in National Harbor, Maryland.
The data included an overall response rate (ORR) of 10%, which was at the low end of expectations. Safety issues were also a cause for concern.
More data will be presented this weekend. Five Prime will host a conference call and live audio webcast on Saturday, November 11, 2017, at 5:45 p.m. (ET) to discuss the data.
Five Prime reported initial trial data for cabiralizumab (cab) monotherapy treating Pigmented villonodular synovitis (PVNS) at ASCO in June 2017, demonstrating a clinical benefit. The company is preparing to enroll additional patients in the Phase 2 portion of the trial to refine the dosing schedule to optimize the therapeutic index of its lead asset in this chronic disease setting. These additional data are intended to support a pivotal trial for cabiralizumab in PVNS.
Five Prime also reported third quarter results last night. Five Prime expects full-year 2017 net cash used in operating activities to be less than $120 million. The company estimates ending 2017 with slightly less than $300 million in cash, cash equivalents and marketable securities. The current market cap is near $800 million.