Shares in Janux Therapeutics tripled in value Tuesday on early clinical trial results that analysts viewed as a signal the biotechnology company’s technology may yield safer and more potent immunotherapies for solid tumors.
The data, disclosed by Janux in a statement Monday, are from Phase 1 studies of two of the biotech’s drugs in about three dozen people with prostate cancer or other tumors affecting organs like the colon, lungs and kidneys.
Analysts were particularly impressed by the results Janux shared from treated participants with metastatic, castration-resistant prostate cancer — data that one analyst, Evercore ISI’s Jonathan Miller, described as “best-in-class.” Janux shares climbed by more than 200%, ballooning the company’s valuation to $2 billion.
Janux is trying a twist on a kind of immunotherapy drug that’s proven effective in certain cancers, but has been limited by safety risks in others.
Known alternatively as T cell engagers or as bispecifics, this type of drug brings immune cells into contact with cancerous cells — an introduction that helps those immune cells recognize and destroy a tumor. The drugs can do this by binding to different protein targets that are found on the surface of each respective cell.
The problem is that these targets can also be found on healthy cells, too, resulting in side effects that necessitate lower doses or, in some cases, make treatment impractical. Janux’s approach is to create a sort of mask that stops its T cell engagers from making their deadly introduction in healthy tissue. In and around tumors, however, these masks are cast off, allowing the drugs to do their work.
The data released Monday are the most convincing evidence yet in support of Janux’s hypothesis.
“Previously, [Janux] has shown supportive pharmacodynamics on their masking technology — an essential first step, but in the context of a very active [prostate cancer] space it wasn’t a clear standout,” wrote Evercore’s Miller. “Data this evening, on the other hand, makes a big splash.”
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