Panbela Therapeutics saw a significant boost in its shares, which increased by 11% and reached $2.38. This surge came after the independent Data Safety Monitoring Board recommended advancing the Phase 3 trial of ivospemin to the next phase.
Earlier this year, Panbela Therapeutics faced a low point when its stock hit $1.80 on June 27. However, it experienced a high of $1,680 last August. Currently, the stock has decreased by 99% over the past year.
The Phase 3 clinical trial focuses on patients with untreated metastatic pancreatic ductal adenocarcinoma. The Data Safety Monitoring Board has declared that the trial should continue without any modifications.
The trial, which is a double-blind placebo-controlled study, aims to evaluate the effectiveness of ivospemin when combined with gemcitabine and nab-Paclitaxel in patients with metastatic pancreatic ductal adenocarcinoma.
Panbela Therapeutics emphasized that the board did not raise any concerns regarding safety. As a result, they will proceed with the trial as planned, with an anticipated interim analysis in early 2024.
