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COPENHAGEN - Evaxion Biotech A/S (NASDAQ: EVAX), a clinical-stage biotechnology company with a market capitalization of $10.42 million, has reported new data from its phase 2 trial indicating that its personalized cancer vaccine, EVX-01, triggers a tumor-specific immune response in 80% of cases. This response rate is higher than those reported for similar vaccine candidates. The company’s stock has shown recent momentum, gaining over 26% in the past week, according to InvestingPro data.
The ongoing trial, involving advanced melanoma patients, is testing EVX-01 in combination with Merck & Co.’s anti-PD-1 therapy, KEYTRUDA®. The latest immune response data will be presented at the American Association for Cancer Research (AACR) Annual Meeting in Chicago.
Previously, interim analyses showed a vaccine target hit rate of 71% and 79% at the ASCO and ESMO 2024 meetings, respectively. The new data suggests an improvement in this hit rate, which may reinforce EVX-01’s potential as a treatment for a broad range of solid tumors.
"We are excited to report yet another positive set of data for our lead vaccine candidate EVX-01," said Birgitte Rønø, CSO of Evaxion. "Its ability to trigger an immune response is unprecedented compared to what has been reported by others."
The trial’s two-year clinical data readout is expected in the second half of 2025, with the study now extended to a third year for a more comprehensive assessment of the vaccine’s full potential. The vaccine is designed using Evaxion’s AI-Immunology™ platform, tailored to each patient’s unique tumor profile and immune characteristics.
EVX-01 has shown Overall Response Rates of 69% and 67% in advanced melanoma patients in clinical trials. The platform’s predictive power is further highlighted by the significant correlations between clinical responses and AI-Immunology™ predictions.
Evaxion Biotech is focused on leveraging artificial intelligence to develop immunotherapies for cancer and infectious diseases. The company’s AI-Immunology™ platform is at the core of its product development strategy.
This article is based on a press release statement from Evaxion Biotech.
In other recent news, Evaxion Biotech reported a significant improvement in their financial performance for the fourth quarter of 2024. The company recorded revenue of $3.3 million, primarily due to a licensing agreement with MSD, and reduced its net loss to $10.6 million from $22 million in the previous year. These results have extended Evaxion’s cash runway to mid-2026, ensuring financial stability. Additionally, Evaxion has set ambitious milestones for 2025, including potential income from an MSD option exercise and the selection of new vaccine candidates. The company aims to establish at least two new business development agreements, leveraging its AI platform for vaccine design. Furthermore, Evaxion has recently raised $17 million through a public offering, enhancing its financial position. The company’s strategic initiatives, including cost optimization and organizational restructuring, have contributed to a more sustainable financial position. Evaxion continues to advance its personalized and precision cancer vaccine programs, differentiating itself in the biotech sector.
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