2023-03-23 12:51:45 ET
- Evaxion Biotech ( EVAX ) stock fell ~11% on Thursday despite the company saying that it has developed a new AI platform technology called ObsERV to identify new source of targets for personalized cancer therapy.
- The company noted that this potentially enables treatment for patients with cold tumors, usually unresponsive to immunotherapy.
- ObsERV identifies patient-specific virus targets, so-called ERVs (endogenous retroviruses), expressed in cancer. Evaxion has shown that overexpression of such ERVs is linked with the overall survival of patients with cancer, notably those considered unresponsive to immunotherapy, the company added.
- "While there are efforts to develop cancer vaccines against ERVs that are shared between small groups of patients, we believe that we are the first in the world to use ERVs as targets for personalized cancer immunotherapy, broadening the scope tremendously," said CEO Per Norlén.
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Evaxion stock slumps ~10% despite developing AI tool for cancer therapy