OXFORDSHIRE, England & CONSHOHOCKEN, PA & ROCKVILLE, MD – Immunocore Holdings plc (NASDAQ:IMCR), a biotechnology company focused on immunomodulating medicines, has reported encouraging Phase 1 results for its experimental drug brenetafusp (IMC-F106C) in treating advanced cutaneous melanoma.
The data presented at the American Society of Oncology (ASCO) 2024 Annual Meeting revealed that brenetafusp, particularly in patients with PRAME positive tumors, demonstrated a disease control rate of 58% and a median progression-free survival (PFS) of 4.2 months.
Brenetafusp is part of Immunocore's proprietary ImmTAC (Immune mobilizing monoclonal TCRs Against Cancer) technology and targets the PRAME antigen. It has shown to be well-tolerated in monotherapy and in combination with anti-PD1 therapies.
The Phase 1 trial included 47 patients with late-stage cutaneous melanoma who had previously undergone checkpoint therapies. Among these patients, the drug achieved a disease control rate of 56%, with a partial response rate of 11% and stable disease in 44%.
The study also found a correlation between peripheral blood T cell fitness and increased clinical activity of brenetafusp, suggesting a potentially higher benefit when used in earlier lines of therapy. Patients with higher T cell fitness gene signature levels experienced a median PFS of 6 months and a disease control rate of 69%.
Immunocore is currently recruiting patients for a Phase 3 clinical trial named PRISM-MEL-301, which will evaluate brenetafusp combined with nivolumab as a first-line treatment for advanced cutaneous melanoma. The company is collaborating with Bristol Myers (NYSE:BMY) Squibb, which will provide nivolumab for the trial.
The company has also announced a conference call to discuss the Phase 1 data and the upcoming Phase 3 trial.
This news is based on a press release statement from Immunocore Holdings plc.
InvestingPro Insights
Immunocore Holdings plc (NASDAQ:IMCR) has recently presented promising results for its experimental drug brenetafusp. As investors digest this news, it's essential to consider the company's financial health and market performance. According to InvestingPro data, Immunocore has a market capitalization of approximately $2.45 billion. While the company's price-to-earnings (P/E) ratio is negative at -39.69, reflecting its current lack of profitability, the revenue growth remains robust at 31.83% over the last twelve months as of Q1 2024.
An InvestingPro Tip worth noting is that Immunocore holds more cash than debt on its balance sheet, which could provide financial stability and flexibility as it continues to invest in its drug development pipeline. Additionally, the Relative Strength Index (RSI) suggests the stock is in oversold territory, which might interest investors looking for potential entry points in the biotech sector.
While the company has shown impressive clinical advancements, analysts have revised their earnings downwards for the upcoming period, and net income is expected to drop this year. Moreover, the stock has fared poorly over the last month with a price total return of -20.94%. These insights, along with the fact that Immunocore does not pay a dividend to shareholders, may influence investment decisions.
For those interested in a deeper dive into Immunocore's financials and future prospects, InvestingPro offers additional tips. There are 9 more InvestingPro Tips available for IMCR at https://www.investing.com/pro/IMCR, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24. These tips could further inform investment strategies and help navigate the complex landscape of biotech investing.
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