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TORONTO - Medicenna Therapeutics Corp. (TSX: MDNA, OTCQX: MDNAF), a clinical-stage immunotherapy company with a market capitalization of $63.5 million, has announced new clinical data from its ongoing ABILITY-1 study that evaluates MDNA11, a novel immunotherapy agent, alone or in combination with Merck (NSE:PROR)’s anti-PD-1 therapy, KEYTRUDA® (pembrolizumab). According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 10.09, indicating robust short-term financial stability. The study targets patients with advanced solid tumors and has shown promising results as of December 5, 2024.
The ABILITY-1 study revealed that MDNA11 significantly expands a unique population of stem-like CD8+ T cells, which are crucial for long-lasting anti-tumor immunity. These cells have shown the ability to self-renew and differentiate into potent effector cells that can sustain anti-tumor responses. The monotherapy dose expansion cohort demonstrated a 30% objective response rate in checkpoint-resistant patients, while the combination with KEYTRUDA® resulted in a 78% disease control rate, including one complete response and one partial response. InvestingPro analysis indicates the company is rapidly burning through cash, with negative free cash flow of $11.4 million in the last twelve months, though it maintains more cash than debt on its balance sheet.
The Safety Review Committee has approved the administration of MDNA11 at 120 µg/kg every two weeks in combination with KEYTRUDA®, as no dose-limiting toxicities have been observed. To enhance patient convenience, dosing every three weeks is currently being tested.
Further, the ABILITY-1 study is set to evaluate additional tumor types, with the combination dose expansion expected to begin in mid-2025. Medicenna plans to present updated safety and efficacy results of MDNA11 at medical conferences in the first half of 2025. With the stock trading 63% below its 52-week high of $2.20, InvestingPro analysis suggests the company is currently undervalued. Analysts maintain a strong buy consensus with price targets ranging from $2.50 to $6.00, indicating significant potential upside. InvestingPro subscribers have access to 8 additional key insights about Medicenna’s financial health and market position.
Dr. Fahar Merchant, President and CEO of Medicenna, emphasized the significance of these findings, noting the potential roadmap they provide for leveraging stem-like T cells to improve health outcomes for cancer patients. Dr. Arash Yavari, Director of Clinical Strategy at Medicenna, also highlighted the consistent pharmacokinetic and pharmacodynamic profiles and preliminary evidence of clinical activity in less immunologically responsive tumor types.
Medicenna focuses on developing Superkines, highly selective versions of interleukins, and first-in-class Empowered Superkines. Their flagship product, MDNA11, is a next-generation IL-2 designed to preferentially stimulate cancer-killing effector T cells and NK cells without binding to the IL-2 receptor alpha.
These clinical updates are based on a press release statement and are intended to provide investors with factual information about the progress and potential of MDNA11 in the treatment of advanced solid tumors.
In other recent news, Medicenna Therapeutics Corp. announced plans to present updated data from its ongoing ABILITY-1 study at the upcoming Immunotherapy Bridge Conference. The focus will be on MDNA11, a long-acting interleukin-2 super-agonist, which is being tested in patients with advanced or metastatic solid tumors. This study is a global, multi-center, open-label trial assessing the safety, tolerability, pharmacokinetics, pharmacodynamics, and anti-tumor activity of MDNA11, both as a monotherapy and in combination with pembrolizumab. Approximately 20 patients are expected to be enrolled in the combination dose escalation portion of the Phase 2 study. Medicenna’s portfolio also includes other innovative therapies like IL-4 and IL-13 Superkines, with its IL-4 Empowered Superkine, bizaxofusp, having been studied in over 130 patients. The company notes that drug development is risky and early-stage results may not predict outcomes of later-stage trials. The presentation details will be available on Medicenna’s website following the conference.
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