Shares of Infinity Pharmaceuticals Inc. (NASDAQ: INFI), a drug discovery and development company, are soaring in trading today after the company reported new data from its ongoing Phase 1, open-label, dose-escalation trial of IPI-145 in patients with advanced hematologic malignancies.
IPI-145 is INFI’s potent oral inhibitor of phophoinositide 3-kinase (P13K)-delta and P13K-gamma. The company said that initial data from the study demonstrated that IPI-145 was well tolerated to date and clinically active in patients with both B-cell and T-cell malignancies, including chronic lymphocytic leukemia, indolent non-Hodgkin’s lymphoma, mantle cell lymphoma, Hodgkin’s lymphoma and T-cell lymphoma. INFI presented the findings from the study at the 54th Annual Meeting of the American Society for Hematology (ASH) in Atlanta, Georgia.
Julian Adams, Ph.D., President of R&D at Infinity, said that the results reinforce INFI’s enthusiasm for IPI-145. Adams further said that the company believes that the potency and activity of IPI-145 against both P13K-delta and P13K-gamma contribute to its potential to become the best-in-class P13K inhibitor for the treatment of hematologic malignances.
Last month, INFI had reported its third-quarter financial results. At the end of the third quarter, INFI had cash, cash equivalents and available-for-sale securities of $189.4 million.
INFI shares have risen sharply in trading today. The stock hit a 52-week high of $27.57 in trading today. At last check, INFI shares were trading 21.60% higher at $27.39 on above average volume of 3.45 million. Year-to-date, the stock has gained more than 240%.
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