TapImmune Inc. (OTCMKTS:TPIV) stated that Mayo Clinic received a grant of $13.3 million to cover the costs of a Phase II Clinical study of Folate Receptor Alpha Vaccine targeting Triple Negative Breast Cancer. There are 280 patients enrolled in the trial. This grant comes from the U.S. Department of Defense. The award recipients are Edith A. Perez, M.D., the deputy director for Mayo Clinic, Serene M. and Frances C. Durling, the Professors of Medicine at Florida campus and Keith L. Knutson, Ph.D.
TapImmune, an immunotherapy firm in clinical stage possess the commercial rights for this drug, which has the potential to cure non-small cell lung, ovarian, breast and endometrial cancer. The company has been working with Dr. Knutson to advance the clinical work of Folate receptor alpha and HER2/neu vaccines.
TapImmune will work together with Mayo Clinic on Phase II study by offering manufacturing and clinical expertise and GMP vaccine formulations. These formulations are being advanced for multiple Phase 2 clinical programs targeting ovarian and triple negative breast cancer with combined immunotherapeutics.
TapImmune Inc. (OTCMKTS:TPIV) recently reported promising Phase 1 clinical results from the Folate Receptor Alpha vaccine study for cure of triple negative breast cancer and ovarian cancer. This study showed the experimental treatment was well-tolerated, safe and offered a strong immune response in nineteen out of twenty patients. The results from the Phase 1 study were filed and published in abstract form.
The company intends to use capital from its restructured financing to initiate Proof of Concept Phase II clinical trials in ovarian cancer and triple negative breast cancer patients in the second half of this fiscal. The design of these trials will complement clinical trial design to be performed at Mayo Clinic.
It was a big day for TapImmune Inc. (OTCMKTS:TPIV) yesterday as it enjoyed a huge gain of 34% in a single session, the biggest gain in the last 3 months. The volume pattern supported the price action well enough as it surged to 2.4 million, much higher than the daily average of 743,000. The last phase of the long term bear market was signaling a loss of momentum through its angle and it was contained in a fine channel. The upper boundary was sharply broken yesterday and the channel width, when projected upwards, gives a target of $0.75 to be achieved in the next few sessions.