Aveo Oncology Shares Drop 7% After Fast Track Designation for Ficlatuzumab

By Chris Wack

Aveo Oncology shares were down 7% after the company said the Food and Drug Administration has granted fast track designation to ficlatuzumab for the treatment of patients with relapsed or recurrent head and neck squamous cell carcinoma.

Volume for the stock was 2 million shares at 1:15 p.m. ET, compared to its 65-day average volume of 433,000 shares. The stock, which hit its 52-week low of $4.95 on July 27, was trading up during premarket trading.

The biopharmaceutical company said ficlatuzumab is its investigational potent humanized immunoglobulin G1 monoclonal antibody that targets hepatocyte growth factor.

In June, the company reported positive results from a randomized confirmatory Phase 2 study of ficlatuzumab, alone or in combination with cetuximab, an EGFR-targeted antibody, in patients with metastatic head and neck squamous cell carcinoma who relapsed or were refractory to prior immunotherapy, chemotherapy, and cetuximab.

Aveo said a shortage of required key raw materials and manufacturing supplies also used in Covid-19 vaccine manufacturing has delayed the delivery of the clinical supply of ficlatuzumab. The company sees the potential start date for a registrational study in HPV negative head and neck squamous cell carcinoma in 2023, and expects to continue to discuss potential ficlatuzumab pivotal study designs with the FDA and to continue ongoing partnership dialogues.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

September 20, 2021 13:35 ET (17:35 GMT)

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