COPENHAGEN - Evaxion Biotech A/S (NASDAQ: EVAX), a clinical-stage TechBio company, has reported promising interim results from a phase 2 trial of its lead compound EVX-01, used in combination with KEYTRUDA® (pembrolizumab), an anti-PD-1 therapy from Merck & Co., Inc. The study, focusing on patients with advanced melanoma, showed that 11 out of 16 participants achieved an objective clinical response, translating to a 69% Overall Response Rate (ORR). Additionally, 15 patients experienced a reduction in tumor size.
These interim findings are part of a one-year analysis of the ongoing trial and will be presented in detail at the European Society for Medical Oncology (ESMO) Congress 2024 in Barcelona, Spain, from September 13-17. Further discussions on the data will take place during a webinar on September 18, featuring Professor Georgina V. Long, a key opinion leader and principal investigator of the trial.
EVX-01 is a personalized peptide-based cancer vaccine that targets the unique genetic makeup of an individual’s tumor and is designed using Evaxion's AI-Immunology™ platform. The platform aims to enhance the efficacy of treatments by tailoring them to the patient’s immune system. The phase 2 clinical trial evaluates the safety and efficacy of the EVX-01 vaccine in combination with pembrolizumab in treatment-naive patients with metastatic or unresectable malignant stage III or IV melanoma.
Melanoma represents a significant portion of the global cancer burden, with an estimated 325,000 cases and 57,000 deaths in 2020. The market for melanoma treatments is expected to grow, highlighting the need for improved therapeutic options.
Evaxion's CEO, Christian Kanstrup, expressed optimism about the potential of EVX-01 as a personalized cancer treatment and the predictive capabilities of their AI-Immunology™ platform. The company is looking to present the full one-year dataset at the ESMO Congress and to engage with potential partners.
The information reported here is based on a press release statement from Evaxion Biotech. The company continues to advance its clinical trials, aiming to address the unmet medical needs in melanoma treatment.
In other recent news, Evaxion Biotech reported a breakthrough in its gonorrhea vaccine research, indicating promising pre-clinical results for its EVX-B2 mRNA vaccine candidate. This development showcases the versatility of the company's AI-Immunology™ platform, which can identify antigens for various vaccine types. The pre-clinical Proof-of-Concept for the mRNA version of EVX-B2 was achieved in collaboration with Afrigen Biologics, a biotech start-up based in South Africa.
In addition to this, Evaxion has reported Q2 results with notable progress in its EVX-01 program, promising positive immune responses from its Phase 2 study of EVX-01. The company remains hopeful about generating $14 million in business development income, with current cash reserves expected to fund operations until early 2025. Mads Kronborg has been introduced as the new VP of Investor Relations and Communication, as the company emphasizes multi-partner collaborations and the pursuit of key milestones.
These are recent developments within Evaxion Biotech, a company optimistic about the potential of its AI immunology platform and its EVX-01 cancer vaccine program. Despite uncertainties, Evaxion is committed to achieving significant business development income and maintaining cost optimization.
InvestingPro Insights
As Evaxion Biotech A/S (NASDAQ: EVAX) showcases promising results from its phase 2 trial, investors and industry observers are closely monitoring the company's performance metrics. According to InvestingPro data, Evaxion has a market capitalization of approximately $19.24 million, reflecting the market's current valuation of the company. Despite the positive clinical outcomes, analysts have highlighted concerns regarding the company's financial health. One of the InvestingPro Tips suggests that Evaxion is rapidly consuming its cash reserves, which may be a point of caution for investors considering the long-term sustainability of the company.
From a stock performance perspective, Evaxion has experienced a significant return over the last week, with a 13.11% increase, and an even more impressive return over the last month, at 35.07%. This volatility may attract traders looking for short-term gains, supported by another InvestingPro Tip indicating that the stock price often moves in the opposite direction of the market. However, it's important to note that the company's Price / Book ratio stands at a high 15.35, suggesting that the stock may be trading at a premium compared to its book value.
For investors looking for more in-depth analysis and additional insights, there are 12 more InvestingPro Tips available for Evaxion, which could provide further guidance on the company's valuation, profitability expectations, and financial stability. These insights can be accessed through InvestingPro's platform at https://www.investing.com/pro/EVAX, offering a comprehensive view of the company's financial and market performance.
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