The shares of oncology-focused biotech Zymeworks Inc. ( NYSE: ZYME ) dropped ~19% Tuesday as Wall Street reacted to the company’s announcement on Phase 1 data for its antibody-drug conjugate zanidatamab zovodotin (ZW49) in patients with solid tumors.
The data released in an abstract ahead of an oral presentation at the European Society for Medical Oncology (ESMO) Congress include preliminary results from 76 patients with HER2+ cancers who were part of the ongoing study.
According to the results, a majority of treatment-related adverse events (TRAEs), including keratitis (42%), alopecia (25%), and diarrhea (21%) found in the trial, were categorized as Grade 1 or 2.
Out of seven patients with grade 3 or higher TRAEs, two were found to have grade 4 events, and there were three TRAE-related patient discontinuations.
Researchers have observed the anti-tumor effect in heavily pretreated patients with HER2+ cancers as the confirmed objective response rate and disease control rate reached 28% and 72%, respectively, in 29 patients who received 2.5 mg/kg of ZW49 once every three weeks (Q3W).
Updated results from the trial are expected on Sep. 12 at the ESMO event in Paris.
Read: ZYME appointed Paul Moore, a veteran in the biotech space, as the company’s new Chief Scientific Officer, effective July.
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Zymeworks plunges 20% after Phase 1 data for cancer candidate