Clarity Pharmaceuticals tumbles after flagging new breast cancer treatment
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The news: Clarity Pharmaceuticals shares tumbled after it announced a new treatment in its pipeline for breast cancer.
The numbers: The clinical-stage radiopharmaceutical company’s shares dropped 5.36% to $3.45 by 12:51pm AEDT. Over the past 12 months the stock has jumped 29.51%.
Healthcare was the only sector in red, down 2.09%, while the ASX 200 gained 0.12%.
The context: Clarity announced that it added Cu-SAR-trastuzumab into its Targeted Copper Theranostic portfolio and that it had signed a supply agreement with EirGenix for clinical development and future commercial supply of the treatment.
Cu-SAR-trastuzumab is the result of the company’s research and development into combining its SAR technology with antibodies.
Trastuzumab is an antibody that targets the HER2 protein, which is expressed in cancers such as lung, gastric and breast. Clarity’s novel theranostic asset will initially focus on breast cancer.
What they said: Clarity executive chair Dr Alan Taylor said: “The pre-clinical results we generated so far are very exciting and highlight the potential benefit of Cu-SAR- trastuzumab to image and treat patients with HER2-positive cancers.
“This is an area of high unmet need, as a considerable proportion of patients, most of whom are women, will relapse or develop resistance to standard treatments, and metastatic disease remains incurable.
“We are also committed to progressing our SAR-Bombesin, SARTATE and SAR-bisPSMA products in breast cancer, complementing the existing focus on prostate cancer, neuroblastoma and neuroendocrine tumours.”
The source: ASX announcement
