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WALTHAM, Mass - Mural Oncology plc (NASDAQ:MURA), a clinical-stage biopharmaceutical company valued at approximately $66 million, has announced the discontinuation of its phase 3 ARTISTRY-7 trial for ovarian cancer treatment. According to InvestingPro data, while the company maintains a strong liquidity position with a current ratio of 5.84, it faces challenges with rapid cash burn, a concern highlighted by analysts who have recently revised earnings estimates downward. The trial was testing nemvaleukin alfa in combination with pembrolizumab, a Merck anti-PD-1 therapy, against standard chemotherapy in patients with platinum-resistant ovarian cancer (PROC).
The interim analysis, conducted by an independent data monitoring committee, showed that the combination did not significantly improve overall survival compared to chemotherapy alone. With a median overall survival of 10.1 months for the nemvaleukin plus pembrolizumab group and 9.8 months for the chemotherapy group, the likelihood of success at final analysis was deemed low.
Despite the setback in the ovarian cancer trial, Mural’s CEO, Caroline Loew, Ph.D., expressed the company’s commitment to delivering new treatment options, acknowledging the challenges faced by ovarian cancer patients. The news has impacted the company’s stock performance, with InvestingPro showing a 9.5% decline in the past week, though the stock maintains a positive YTD return of nearly 19%. Get access to 10+ additional exclusive ProTips and comprehensive financial metrics by subscribing to InvestingPro. Mural remains focused on its upcoming potentially registrational phase 2 trial results for nemvaleukin monotherapy in mucosal melanoma, expected in Q2 2025.
Nemvaleukin has been administered to over 800 patients and maintains a favorable safety profile. Future studies include less-frequent intravenous dosing in cutaneous melanoma, with preliminary data expected in Q2 2025 for monotherapy and the second half of 2025 for combination therapy, pending patient enrollment.
The ARTISTRY-7 trial was a four-arm study that also aimed to assess the individual contributions of pembrolizumab and nemvaleukin. A total of 456 patients were enrolled, but only the combination and chemotherapy arms were slated for statistical comparison.
Nemvaleukin alfa is a fusion protein engineered to selectively target the intermediate-affinity IL-2 receptor, potentially enhancing antitumor effects while minimizing toxicities. It aims to expand antitumor CD8+ T cells and natural killer cells with minimal regulatory T cell expansion.
This announcement is based on a press release statement from Mural Oncology. The company continues to leverage its expertise in cytokine biology and immune cell modulation to develop treatments for cancer. With the next earnings report expected on May 20, 2025, investors seeking deeper insights can access comprehensive financial analysis and Fair Value estimates through InvestingPro. Further information on Mural’s clinical programs and trials can be found on their website.
In other recent news, Mural Oncology has entered into a sales agreement with Jefferies LLC, allowing the company to sell ordinary shares valued up to $75 million. This "at the market offering" permits sales directly into the existing trading market at current prices, with Jefferies receiving a 3% commission on the gross sales price. Mural Oncology has also agreed to indemnify Jefferies against certain liabilities and cover specific legal expenses related to the agreement. The company has emphasized that there is no obligation to sell any shares, and the agreement can be terminated by either party with written notice. Additionally, Jones Trading has initiated coverage on Mural Oncology with a Buy rating and a price target of $16. The firm is optimistic about the company’s IL-2 drug development program, anticipating positive interim Phase 3 data in the first half of 2025. Mural Oncology’s financial position remains strong, with $175 million in cash reserves reported at the end of the third quarter of 2024, expected to support operations into the first quarter of 2026.
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