Bullish indicating open at $55-$60, IPO prices at $37
NEW YORK - Indaptus Therapeutics, Inc. (NASDAQ:INDP), a clinical-stage biotechnology company with a market capitalization of approximately $13 million, has received authorization from Health Canada to extend its U.S. clinical trial for Decoy20 to Canadian sites. This move aims to accelerate patient enrollment and enhance the research program for the treatment of solid tumors. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet.
The INDP-D101 trial will now admit Canadian patients under the existing protocol, which includes weekly dosing of Decoy20. Furthermore, Indaptus intends to propose an amendment to Health Canada to include a combination trial of Decoy20 with tislelizumab, a PD-1 checkpoint inhibitor developed by Beigene (NASDAQ:ONC).
Jeffrey Meckler, CEO of Indaptus, expressed enthusiasm about the inclusion of Canadian investigators and patients, anticipating a more diverse data set. Health Canada’s approval came after a thorough review of the safety data and trial design. Meckler believes that the expansion into Canada is a significant step in evaluating Decoy20’s ability to activate the immune system against solid tumors. Wall Street analysts share this optimism, with price targets ranging from $5 to $12, significantly above the current trading price of $0.92.
Chief Medical (TASE:PMCN) Officer Roger Waltzman expects the addition of Canadian sites to expedite the collection of clinical data from a wider population. This expansion is seen as crucial for assessing Decoy20’s potential to activate both innate and adaptive immune responses, which could be key in addressing the challenges of treating solid tumors. The company aims to refine Decoy20’s dosing regimen and improve patient outcomes through enhanced trial infrastructure.
Indaptus Therapeutics’ approach is based on the hypothesis that effective activation of immune cells and pathways requires a multi-targeted package of immune system-activating signals administered intravenously. Their patented technology uses non-pathogenic, Gram-negative bacteria to produce a Decoy platform that primes immune cells and pathways. In pre-clinical studies, Decoy product candidates showed activity against various cancers and chronic viral infections when used alone or in combination with other therapies.
The information in this article is based on a press release statement from Indaptus Therapeutics. While InvestingPro analysis indicates the company has strong liquidity with a current ratio of 3.42 and liquid assets exceeding short-term obligations, investors should note that forward-looking statements involve risks and uncertainties, as the outcomes have not yet occurred and can differ materially from what is currently anticipated. For deeper insights into INDP’s financial health and additional ProTips, visit InvestingPro.
In other recent news, Indaptus Therapeutics, Inc. has secured approximately $2.135 million in gross proceeds through the sale of stocks and warrants. The biotech company sold 1,817,017 shares of common stock and an equivalent number of warrants, each set at a combined purchase price of $1.175. The warrants, valid for five years, are priced at $1.05 per share and are immediately exercisable. Paulson Investment Company, LLC serves as the exclusive placement agent for the offering. These recent developments are part of Indaptus’s strategy to bolster its financial position, with the net proceeds planned for research and development activities, working capital, and general corporate purposes. It’s important to note that the company’s forward-looking statements regarding the use of net proceeds are subject to market risks and uncertainties.
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