Moleculin Biotech, a clinical stage pharmaceutical company, has reported encouraging data from a Phase 1 clinical trial of their drug, annamycin. The study revealed no evidence of cardiotoxicity in the subjects treated with the drug. As a result, Moleculin Biotech’s shares soared by 17% to 72 cents.
Despite experiencing a 33% decline in the stock value this year, this recent development marks the largest percentage increase since February 2021, when the stock rose by approximately 36%. The positive outcome from the clinical trial reinforces the overall safety profile of annamycin and is consistent with observations from previous and ongoing studies on this treatment.
Annamycin has already received fast-track status and orphan drug designation from the Food and Drug Administration (FDA) for its potential in treating soft tissue sarcoma lung metastases as well as relapsed or refractory acute myeloid leukemia.
“We continue to be very optimistic about annamycin’s potential to provide a non-cardiotoxic treatment option for patients,” commented Chief Executive Walter Klemp.
Further evaluation of annamycin is underway in a Phase 1b/2 study, where it is being assessed in combination with cytarabine for the treatment of acute myeloid leukemia.