RLAY - Relay stock slumps ~30% amid initial data on cancer drug RLY-2608

2023-04-18 13:00:45 ET

Relay Therapeutics ( NASDAQ: RLAY ) stock fell ~30% on Tuesday after the company reported initial data for cancer drug RLY-2608.

RLY-2608 is currently being evaluated in an ongoing dose-escalation portion of a study called ReDiscover. The monotherapy group started in December 2021 and enrolled 19 patients with unresectable or metastatic solid tumors with a PI3K? mutation, while the RLY-2608 + fulvestrant combination group began in April 2022 and enrolled 23 patients with PI3K?-mutant, HR+, HER2– locally advanced or metastatic breast cancer.

The company said RLY-2608 showed mutant selective PI3K? target engagement at multiple doses and there was limited  impact on glucose homeostasis overall and no Grade 3 hyperglycemia was seen.

RLY-2608 has been generally well tolerated in the 42 patients treated as of the cut-off date.

A confirmed partial response was seen in a patient with breast cancer who had received 12 prior lines of therapy.

"At doses achieving target exposure, there was no observed Grade 3 hyperglycemia, rash or diarrhea – the three most common adverse events leading to discontinuation of existing investigational and approved treatments, and radiographic tumor reductions were seen across multiple dose levels," said Relay President Don Bergstrom.

Among the 16 patients with breast cancer with measurable disease, 9 experienced radiographic tumor reductions, 12 showed a best overall response of stable disease and 1 partial response, according to the company.

Relay noted that a maximum tolerated dose was reached and dose exploration is ongoing to decide the recommended dose(s) for the dose expansion groups (part 2), which it expects to start in H2 2023.

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