Kairos Pharma, Ltd. (NYSE:KAPA) shares surged 22.64% to $0.39 in after-hours trading on Wednesday following the company’s announcement of positive interim safety data for its lead cancer drug candidate. The stock had closed down 6.47% at $0.32 during regular trading.
Safety Data Fuels Investor Optimism
The Los Angeles-based biopharmaceutical company reported that none of the 13 patients treated in the Phase 1 trial experienced serious adverse events. The study evaluated ENV-105 (carotuximab), an investigational, first-in-class antibody developed by Kairos Pharma to help overcome drug resistance in various cancers, in combination with AstraZeneca’s Tagrisso for patients with drug-resistant, EGFR-mutated non-small cell lung cancer.
Targeting a Multibillion-Dollar Market
According to Kairos, the EGFR-NSCLC market is valued at roughly $10 billion, with Tagrisso alone generating about $6 billion annually. No Food and Drug Administration-approved therapy currently reverses resistance to it.
