ASX Biotech Shares Surge on Cancer Trial Progress, Diagnostic Milestones
Key Insights
Race Oncology's stock jumped following the submission of a human ethics application for its RC220 Phase 1 solid tumour (search) trial, with patient recruitment expected in Q1 2025.
Inoviq Ltd (search). reported successful disease specificity testing for its neuCA15-3 (search) blood test, showing high sensitivity and specificity in detecting breast cancer (search) across all stages.
Lumos Diagnostics Holdings Ltd (search). saw its shares rise after receiving approval for FebriDx (search) reimbursement at US$41.38 per test by the United States Centers for Medicare and Medicaid Services.
Three ASX-listed biotech companies experienced significant stock increases following announcements of advancements in cancer trials, diagnostic testing, and point-of-care solutions.
Race Oncology Advances RC220 Solid Tumour Trial
Race Oncology Ltd (ASX: RAC) saw its share price increase by 10.2% after submitting the human ethics application package for its RC220 Phase 1 solid tumour (search) trial. The trial, set to be conducted at Southside Cancer Care Centre in New South Wales, will evaluate the efficacy of RC220 in combination with doxorubicin in adult cancer patients. First patient recruitment is anticipated in Q1 2025. "This is a critical milestone for the team; selection and evaluation of an appropriate site and the start of the ethical review for this study," said Race chief medical officer Michelle Rashford. The company plans to activate up to 10 additional sites following initial HREC approval.
Inoviq's neuCA15-3 Test Shows Promise in Breast Cancer Detection
Inoviq Ltd (search) (ASX: IIQ) reported a 6.0% increase in its share price following the successful completion of disease specificity testing for its neuCA15-3 (search) blood test for breast cancer (search). The test demonstrated 81% sensitivity and 93% specificity in detecting breast cancer across all stages, key types, and subtypes. Management highlighted the test's effectiveness for breast cancer monitoring. According to Inoviq CEO Leearne Hinch, the next step involves transferring and optimizing the test on a system compatible with high-throughput commercial diagnostic instruments.
Lumos Diagnostics Achieves Reimbursement Milestone for FebriDx
Lumos Diagnostics Holdings Ltd (search) (ASX: LDX) experienced a 25.8% surge in its share price after receiving approval from the United States Centers for Medicare and Medicaid Services (CMS) Panel for FebriDx (search) to be reimbursed at a rate of US$41.38 per test. FebriDx is a point-of-care test designed to differentiate between bacterial and non-bacterial infections. Lumos CEO Doug Ward commented that this reimbursement pathway is an important step towards removing barriers to access and potentially benefitting millions of Americans.