Fusion Pharmaceuticals Receives Approval for Study Protocol, Stock Soars
Fusion Pharmaceuticals' stock rises after approval of study protocol for innovative prostate cancer treatment. Focus on oncology drugs. First clinical dose successfully manufactured.
Troy D. Hanson
January 04, 2024
Shares of Fusion Pharmaceuticals experienced a significant surge in post-market trading on Thursday following the company's announcement that its study protocol had been approved by regulators. The stock rose by 7.8% to $9.10, building on its earlier gains of 6.8% during the market session. Over the past three months, Fusion Pharmaceuticals' shares have more than doubled in value.
Fusion Pharmaceuticals primarily focuses on the development of oncology drugs, and it revealed that it has successfully aligned with the Food and Drug Administration (FDA) on the Phase 2/3 protocol for FPI-2265. This innovative treatment targets specific types of prostate cancer. The updated development plan incorporates a Phase 2 dose optimization lead-in, as well as a Phase 3 registrational trial, slated to commence in 2025.
The therapy in question is a targeted alpha therapy that will be assessed for its effectiveness in patients with metastatic castration-resistant prostate cancer and progressive disease.
John Valliant, Chief Executive of Fusion Pharmaceuticals, emphasized that the approved plan outlines a clear roadmap for bringing this therapy to the market.
Excitingly, Fusion Pharmaceuticals also announced that it has successfully manufactured its first clinical dose at its proprietary manufacturing facility.