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On Monday, ESSA Pharma (NASDAQ:EPIX) maintained its Outperform rating and $17.00 price target from Oppenheimer, following the presentation of updated clinical data. The pharmaceutical company shared new findings from its Phase 1/2 study of masofaniten combined with enzalutamide in treating metastatic castration-resistant prostate cancer (mCRPC) at this year's European Society for Medical Oncology (ESMO) conference.
The updated dose escalation data revealed that after a 15.2-month follow-up, the rate of patients achieving a 90% reduction in prostate-specific antigen (PSA90) increased to 88%, up from 81% at the last follow-up. Notably, 69% of patients reached this marker in less than 90 days. The safety profile of masofaniten, referred to as maso, was reported to be unremarkable, continuing to show promising data in combination with enzalutamide, compared to enzalutamide alone.
The ongoing Phase 2 dose expansion is enrolling patients, with the recommended Phase 2 dose (RP2CD) set at 600mg of masofaniten twice daily plus 160mg of enzalutamide once daily. Currently, 33 sites across the United States, Canada, and Australia are actively participating in the study, with an additional 22 sites in Europe anticipated to join soon.
Oppenheimer's positive outlook on ESSA Pharma is supported by the expectation of top-line data from the Phase 2 masofaniten and enzalutamide combination study, which is scheduled to be reported in mid-2025.
The firm's sustained bullish stance is bolstered by the latest clinical advancements and the potential for masofaniten to offer a differentiated treatment option for patients with mCRPC.
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