Evaxion Biotech has announced that the first patient has been enrolled in the company’s Phase 2b clinical trial of EVX-01 for the treatment of melanoma.
Evaxion Biotech: Ticker: EVAX | Price: USD 2.4 | Market Cap.: USD 79M | YTD price development: -46%
Evaxion Biotech is a Danish biotech company listed in the US, which develops immunotherapies (treatment that helps the patient’s own immune system to find, attack and destroy e.g. cancer cells, viruses and bacteria) to treat:
- Cancer (PIONEER platform)
- Infectious diseases, including bacterial (EDEN platform)
- Viral diseases (RAVEN platform)
Initiation of Phase IIb study of EVX-01 (metastatic melanoma) in collaboration with Merck has been seen as the first of several potential upsides, which are an important part of the investment case in Evaxion.
Phase 2b clinical trial with EVX-01
The first patient has been enrolled in Evaxion’s Phase 2b clinical trial, which includes approximately 100 patients. Data from the Phase 1/2a EVX-01 study showed that 6 out of 9 patients (67%) benefited from EVX-01 in combination with a PD-1 inhibitor (KEYTRUDA®) for the treatment of melanoma. Historical data show that the response rate is only 40% when a PD-1 inhibitor is given alone. The task for Evaxion is therefore to show the increased response rate when EVX-01 is combined with a PD-1 inhibitor also holds true in a larger study. Evaxion Biotech expects to report preliminary data on the ongoing study in H2 2023.
More potential price triggers may be triggered in 2nd half of 2022:
- H2 2022: Phase I application for EVX-03 (lung cancer)
- H2 2022: Phase I application for EVX-B1 (antibiotic resistant staphylococci)
- H2 2022: Selection of first candidate from RAVEN platform (virus vaccine)
- H1 2023: Results from phase 1/2a study of EVX-02 (treatment of moles cancer after surgery)
Price development for Evaxion Biotech (-46%) vs. KPHC-index year to date