TapImmune Inc. (OTCMKTS:TPIV) updated that Mayo Clinic obtained $13.3 million grant to cover the various costs related to Phase II Clinical study of it drug Folate Receptor Alpha Vaccine. It is meant for the treatment of Triple Negative Breast Cancer. There are as many as 280 patients registered in the trial.
TapImmune reported that this grant is approved from the U.S. Department of Defense, and the award receivers are Edith A. Perez, M.D., Serene M. and Frances C. Durling and Keith L. Knutson, Ph.D.
TapImmune, an immunotherapy company in clinical stage has the commercial rights for Folate Receptor Alpha Vaccine, which can treat non-small cell lung, breast, ovarian and endometrial cancer. The company together with Dr. Knutson has been working to advance the clinical trial of Folate receptor alpha as well as HER2/neu vaccines.
TapImmune stated that it will work together with Mayo Clinic to progress Phase II study by providing manufacturing and clinical proficiency and GMP vaccine formulations. These vaccine formulations are being progressed for various Phase 2 clinical programs for treatment of ovarian and triple negative breast cancers with immunotherapeutics.
TapImmune recently revealed encouraging Phase 1 clinical findings from the trial of Folate Receptor Alpha vaccine for triple negative breast and ovarian cancer treatment. This study highlighted the data that experimental therapy was well-tolerated, safe and offered a robust immune response in 19 out of twenty patients. The findings from the Phase 1 study were published in abstract form.
At the same time, the company also stated that it plans to use restructure financing capital to commence Proof of Concept Phase 2 trials in patients suffering from ovarian and triple negative breast cancer in 2H2015.
TapImmune Inc. (OTCMKTS:TPIV) formed a highly bearish formation yesterday as it finished the last trading session with a major loss of 22.39%. The stock had opened above the previous day’s range, which turned out to be the day high too and the following price action concluded in a close below the range of the previous day, creating a Bearish Engulfing candle pattern. The volume surged to 3 million, more than thrice the daily average of 870,000, reflecting the huge selling pressure from the major resistance area pushing the price down, as shown on the chart attached.