PNT - Point Biopharma sheds 28% after Phase 3 data for prostate cancer candidate

Radiopharmaceutical company Point Biopharma Global Inc. ( NASDAQ: PNT ) dropped ~28% after the biotech announced the publication of an abstract containing initial data from a Phase 3 trial for its radioligand agent PNT2002.

The data from the lead-in cohort of the multi-center, open-label trial will be part of a presentation at the upcoming European Society for Medical Oncology (ESMO) Congress in Paris.

The ongoing study involved patients with Metastatic Castration-Resistant Prostate Cancer (mCRPC) who refuse, or are not eligible for, chemotherapy and whose disease advanced despite androgen receptor pathway inhibitor (ARPI) therapy.

The primary endpoint of the trial is radiographic progression-free survival. Data from 27 patients indicated that based on a median rPFS follow-up of 7.5 months at the data cut-off, 21 (78%) remained event-free with an rPFS rate of 75.4% at nine months.

11 (42%) patients achieved a PSA50 response which, according to Guggenheim, could be debatable as Novartis’ ( NVS ) FDA- approved treatment Pluvicto and other studies have indicated a ~50%-60% “is feasible.” Guggenheim rates PNT as a Buy.

Findings also indicate that 8 (29.6%) patients reported Grade ?3 treatment-emergent adverse events (TEAEs), and researchers noted a death that was found to be unrelated to the treatment.

Read: In March, Novartis ( NVS ) announced the FDA approval of its radioligand therapeutic agent Pluvicto for certain adults with prostate cancer.

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