Purple Biotech Ltd Stock Price, News & Analysis

Purple Biotech Ltd. (NASDAQ/TASE: PPBT) recently inaugurated its Scientific Advisory Board (SAB), comprised of three experts from oncology and cancer research. This initiative aims to enhance the company's strategic direction in developing innovative cancer therapies targeting tumor immune evasion and drug resistance. The SAB includes distinguished members: Eyal Gottlieb, PhD, from MD Anderson; Steven Maron, MD, from Memorial Sloan Kettering; and Sunil Sharma, MD, MBA, from Translational Genomics. The board will assist management by providing scientific guidance on clinical trials and R&D activities, which is expected to aid in the advancement of the company’s oncology pipeline, including therapies like NT219 and CM24.

Purple Biotech (NASDAQ/TASE: PPBT) has unveiled promising preclinical data at the American Association for Cancer Research (AACR) Annual Meeting 2023, held on April 18, 2023. The results highlight the effectiveness of NT219, a novel small molecule dual inhibitor targeting IRS1/2 and STAT3, in enhancing immune responses in the tumor microenvironment (TME).

Key findings include:

• NT219 significantly increased PDL1 expression in resistant melanoma cells and enhanced anti-PD1 therapy effectiveness.
• In combination with anti-PD1 or anti-CTLA4, NT219 drove significant increases in activated CD8 cytotoxic T and NK cells while decreasing immunosuppressive cell populations.
• NT219 showed lasting effects on IRS1 and STAT3 phosphorylation, linked to tumor drug resistance.

The results indicate NT219 could convert resistant tumors into responders for immune checkpoint blockade therapies.

Purple Biotech (NASDAQ/TASE: PPBT) announced the participation of Dr. Amir Horowitz at Canaccord Genuity's 2023 Horizons in Oncology Virtual Conference on April 20, 2023. He will present on the newly acquired Tri-specific antibody as part of the panel titled New & better Approaches for Oncology Targets. The presentation will take place from 2:00-2:45 PM ET, and a live webcast will be accessible to registered attendees.

Purple Biotech is a clinical-stage company focused on therapies that combat tumor immune evasion and drug resistance. Its oncology pipeline includes NT219, CM24, and IM1240, addressing various solid tumors. The ongoing studies involve NT219, which targets IRS1/2 and STAT3, and CM24, a monoclonal antibody in collaboration with Bristol Myers Squibb.

Purple Biotech Ltd. (NASDAQ/TASE: PPBT) announced that CEO Gil Efron is on medical leave due to an accident, with Isaac Israel appointed as acting CEO. The company emphasizes that its business plan and clinical development programs will proceed as scheduled. The announcement reassures stakeholders about continuity and stability during this transition. Purple Biotech focuses on developing therapies that tackle tumor immune evasion and drug resistance, with a pipeline including NT219 and CM24 in various clinical stages. The company remains committed to its 2023 objectives despite the leadership change.

Purple Biotech Ltd. (NASDAQ/TASE: PPBT) announced results from a Phase 1 dose escalation study involving CM24 plus nivolumab, indicating promising potential in treating advanced cancers. The trial enrolled 14 patients, primarily with pancreatic adenocarcinoma, showing durable reductions in serum myeloperoxidase, a NETs biomarker. Higher CEACAM1+ lymphocyte levels correlated with improved survival rates. This study supports a biomarker-driven strategy for patient selection. CM24, a novel monoclonal antibody, targets immune evasion pathways, and is being evaluated in a Phase 2 study for metastatic pancreatic cancer. Further results will be shared at an upcoming conference.

Purple Biotech Ltd. (NASDAQ/TASE: PPBT) announced on February 14, 2023, that the first patient has been dosed in the randomized segment of its Phase 2 clinical trial for CM24 targeting advanced metastatic pancreatic cancer (PDAC). This trial evaluates the efficacy of CM24, a first-in-class monoclonal antibody, in combination with nivolumab and standard chemotherapy versus standard chemotherapy alone. The study aims to enroll around 60 patients across 11 sites in the US, Spain, and Israel, with interim results expected in the second half of 2023 and a topline report by the end of 2024. No dose-limiting toxicities were reported during the safety run-in phase.

Purple Biotech announced its financial results for the year ended December 31, 2022, reporting a net loss of $21.8 million, or $1.20 per share, an increase from $18.5 million in 2021. R&D expenses grew to $16.3 million, a 38.1% increase due to ongoing clinical trials. The company enhanced its product pipeline by acquiring Immunorizon, expanding its tri-specific antibody portfolio, and anticipates data readouts from its CM24 and NT219 programs in 2023. As of year-end 2022, Purple Biotech had cash reserves of $31.7 million, sufficient to finance operations into the second half of 2024.

Purple Biotech Ltd. (NASDAQ/TASE: PPBT) announced the acquisition of Immunorizon Ltd., a clinical-stage company focused on multi-specific T and NK cell engager oncology therapies. The deal involves an upfront payment of $3.5 million in cash and another $3.5 million in American Depository Shares, with potential additional payments reaching $100 million based on future milestones. The acquisition enhances Purple Biotech's portfolio with Immunorizon’s tri-specific antibody targeting the 5T4 antigen, promising improved therapeutic outcomes for cancer patients. The closing of the transaction is pending customary conditions within 10 business days.

Purple Biotech (NASDAQ/TASE: PPBT) has announced a collaboration with Mor Research Applications, enabling access to oncology research from 14 hospitals under Clalit Healthcare Services, Israel’s largest HMO. This partnership allows Purple Biotech to explore early-stage oncology assets for potential in-licensing and development, expanding its pipeline of novel therapies. CEO Gil Efron emphasized the importance of this collaboration for accessing innovative treatments, aiming to bring first-in-class options to cancer patients globally.