HARP - Harpoon adds 122% on updated Phase 1 data for multiple myeloma therapy

Nano cap biotech Harpoon Therapeutics ( NASDAQ: HARP ) added ~122% in the morning hours Monday after the company disclosed updated interim data from its Phase 1 clinical trial for investigational cancer therapy HPN217 in relapsed/refractory multiple myeloma (RRMM).

The company said that data from 62 patients as of the Oct. 17 data cut indicated a 77% (10/13) objective response rate (ORR) for HPN217 across the highest doses (12 and 24 mg).

Responses were durable, with 86% (18/21) of responders remaining on study treatment, including some patients for more than a year, the Harpoon ( HARP ) added.

Regarding safety, 29% of patients experienced low-grade cytokine release syndrome across the highest step dose regimens (12% Grade 1 and 18% Grade 2), Harpoon ( HARP ) said, adding that effects were mainly linked to earlier doses.

Results were part of a presentation at the ongoing American Society of Hematology (ASH) Annual Meeting.

The enrollment in the Phase 1 trial is expected to complete in H1 2023.

AbbVie ( ABBV ) has inked a licensing deal with Harpoon ( HARP ) for HPN217, which is designed to target the B-cell maturation antigen (BCMA). Per the terms, the pharma giant can exercise an option to license HPN217 after the Phase 1 trial concludes.

Seeking Alpha contributor E. Roudasev issued a Strong Buy recommendation on Harpoon ( HARP ) in September, calling the clinical-stage biotech “a bargain” with limited downside risk.

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