Aravive Higher on Progress in Phase 1b Trial of Kidney-Cancer Drug – TheStreet

Aravive (ARAV) - Get Reportshares jumped on Thursday after the oncology-pharmaceutical specialist reported progress in a trial of a treatment for kidney cancer.

The Houston company cited positive initial results from the Phase 1b study in patients dosed with 15mg/kg of AVB-500 in combination with cabozantinib who have advanced-stage kidney cancer.

The data in three evaluable patients showed that AVB-500 was well tolerated with no unexpected findings," the company said.

Aravive shares recently traded at $6.66, up 25%. It had been down 14% in the six months through the close of Wednesday trading.

Now the company plans to expand the dosing of 15mg/kg of AVB-500 to an additional three patients to determine the potential of initiating the Phase 2 portion with this dose, it said.

The company also expects to continue to investigate higher doses of AVB-500 in the Phase 1b to obtain additional safety" and other data.

The clinical data indicate that AVB-500 in combination with anticancer therapies "may have the potential to be used in a range of different cancers.Chief Executive Gail McIntyre said in a statement.

In other drug news Thursday, Eli Lilly (LLY) - Get Reportreceived breakthrough status for its donanemab treatment for Alzheimers disease from the FDA.

That speeds the Food and Drug Administrations consideration of the drug for marketing clearance.

Earlier this month the FDA approved Biogens (BIIB) - Get ReportAduhelm to treat Alzheimers. That drug, too, had breakthrough status.

Analysts upgraded Biogen after the move, with Bernsteins Ronny Gal lifting his rating to outperform from market perform.

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Aravive Higher on Progress in Phase 1b Trial of Kidney-Cancer Drug - TheStreet