C4 Therapeutics Shares Up 18% After Lung Cancer Drug Application Receives FDA Clearance

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 [e-mail]

(END) Dow Jones Newswires

July 05, 2023 10:15 ET (14:15 GMT)

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