C4 Therapeutics Shares Up 18% After Lung Cancer Drug Application Receives FDA Clearance
July 05 2023 - 9:30AM
Dow Jones News
By Dean Seal
Shares of C4 Therapeutics are trading higher Wednesday after the
company said regulators cleared the investigational new drug
application for its non-small cell lung cancer treatment.
The stock is up 18% at $3.35 in early trading. Shares have
fallen by more than 43% since the start of the year.
The clinical-stage biopharmaceutical company said Wednesday that
the U.S. Food and Drug Administration greenlit its application for
CFT8919, an orally bioavailable BiDAC degrader designed to target
EGFR L858R gene mutations in non-small cell lung cancer
patients.
C4 Therapeutics said this is its fourth clearance from its
proprietary Torpedo platform.
In May, the company signed an exclusive licensing agreement with
Betta Pharmaceuticals for the development and commercialization of
CFT8919 in China, where about 693,000 patients were diagnosed with
non-small cell lung cancer in 2020. About 40% of those cases were
driven by an EGFR mutation.
C4 Therapeutics expects to start clinical trial activities for
CFT8919 outside China after Betta completes its Phase 1 dosing
escalation study in the country.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 05, 2023 10:15 ET (14:15 GMT)
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