As many biotech companies in the oncology field reveal their end-of-quarter results, the American Medical Association highlights the concerning rise in cancer rates, particularly among younger individuals. Data from the National Cancer Institute shows significant variations in cancer prevalence across different states. Despite these challenges, there are new breakthroughs in cancer treatment that offer hope, as noted by the World Economic Forum.
In the latest Q3 2024 financial updates, several biotech companies, including Oncolytics Biotech Inc. (NASDAQ: ONCY) (TSX: ONC), ImmunityBio, Inc. (NASDAQ: IBRX), Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), Syndax Pharmaceuticals, Inc. (NASDAQ: SNDX), and SpringWorks Therapeutics, Inc. (NASDAQ: SWTX), have reported significant progress in cancer treatment research and development.
Oncolytics Biotech Inc. recently shared its Q3 2024 financial results, emphasizing the positive outcomes from the BRACELET-1 study in HR+/HER2- metastatic breast cancer. The combination of pelareorep and paclitaxel showcased a substantial improvement in patient outcomes, with an average survival benefit of more than a year compared to paclitaxel alone. These results indicate the potential for a registrational study to support accelerated approval for pelareorep-based therapy.
Moreover, Oncolytics highlighted upcoming milestones in its GOBLET study, focusing on gastrointestinal cancer programs. The company remains optimistic about the future prospects of pelareorep in enhancing patient outcomes across various cancer indications.
Looking ahead, in H1 2025, Oncolytics aims to finalize the master protocol for an adaptive registration-enabling trial for pelareorep in first-line pancreatic ductal adenocarcinoma (PDAC) and submit it to the FDA. The company also anticipates releasing safety run-in data from cohort 5 of the GOBLET study and updated efficacy data from cohort 4 of the same study.
In addition to Oncolytics Biotech, other companies like ImmunityBio, Iovance Biotherapeutics, Syndax Pharmaceuticals, and SpringWorks Therapeutics have reported significant progress in their respective cancer treatment programs. ImmunityBio’s ANKTIVA® receiving a J-code for NMIBC CIS and Iovance’s robust demand for Amtagvi™ are among the notable developments in the industry.
Overall, these updates reflect the continuous efforts of biotech companies to advance cancer treatment options and provide hope for patients battling this disease. The ongoing research and development in the oncology space offer promising prospects for improved outcomes and quality of life for cancer patients in the future.
