Clarity Pharma shares swing into red despite 'positive' trial results
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More news: Shares in Clarity Pharmaceuticals erased early gains and slumped into negative territory after the Sydney biotech announced positive topline results from a clinical trial involving its cancer radiopharmaceutical Cu-SAR-Bombesin.
Clarity shares were down 4.3% to $2.24 at midday AEST, having jumped nearly 5% at the start of trading.
Clarity Pharma shares open higher on cancer diagnostic trial results
The news: Clarity Pharmaceuticals has announced positive topline results from a phase two diagnostic trial, which found its cancer radiopharmaceutical Cu-SAR-Bombesin is effective in detecting prostate cancer recurrence in certain patients.
The numbers: Clarity shares opened 4.3% higher at $2.44 following the announcement.
The context: The data showed that Cu-SAR-Bombesin was safe, well tolerated and effective at detecting prostate cancer in patients with biochemical recurrence, including patients showing as negative on standard-of-care (SOC) scans.
Following the positive results, Clarity has started discussions with key medical experts to determine the most effective pathway for registration of Cu-SAR-Bombesin, and to explore its development in a range of large oncology indications with high unmet needs.
What they said: "This trial, which is Clarity's first sponsored study with Cu-SAR-Bombesin, has now shown that this product can provide a solution where the current diagnostic options fall short and improve lesion detection beyond what is achievable with SOC PSMA-targeted imaging," said Clarity's executive chairperson Alan Taylor.
The source: ASX
