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EDINBURGH - NuCana plc (NASDAQ: NCNA), a clinical-stage biopharmaceutical company, announced the issuance of a new patent by the United States Patent and Trademark Office (USPTO) for the composition of matter of its anti-cancer agent, NUC-7738. The patent (US12,054,510) is a significant addition to NuCana's intellectual property portfolio, which now encompasses over 80 issued patents globally.
NUC-7738 is currently undergoing a Phase 2 clinical study in conjunction with pembrolizumab for the treatment of PD-1 inhibitor-resistant melanoma. Earlier this month, NuCana presented promising data at the ESMO Congress 2024, indicating that NUC-7738 may enhance the effectiveness of PD-1 inhibitors in previously resistant tumors by targeting various aspects of the tumor microenvironment.
Hugh S. Griffith, the CEO and Founder of NuCana, expressed his satisfaction with the USPTO's decision, stating that the new patent further solidifies the company's intellectual property rights for NUC-7738. He highlighted the encouraging clinical data, noting that most patients with PD-1 inhibitor-resistant metastatic melanoma experienced a progression-free survival of over five months when treated with the combination of NUC-7738 and pembrolizumab. This outcome is notably better than the median progression-free survival of two to three months with the current standard of care.
NuCana is dedicated to improving cancer treatment outcomes by using its proprietary ProTide technology to enhance the efficacy and safety of widely prescribed chemotherapy agents, such as nucleoside analogs. The company's pipeline includes other innovative treatments, such as NUC-3373, which is derived from the chemotherapy agent 5-fluorouracil and is undergoing clinical studies for various cancer types.
The information provided in this article is based on a press release statement from NuCana plc.
In other recent news, NuCana faced a significant setback when it discontinued its Phase II NuTide:323 trial, which was evaluating NUC-3373 for the treatment of second-line colorectal cancer. This led to a downgrade in NuCana's stock rating by William Blair from Outperform to Market Perform, reflecting reduced confidence in the company's ability to deliver on its pipeline promises. Despite this, Oppenheimer maintained an Outperform rating on NuCana, though it reduced the price target to $25.00 from the previous $150.00, in light of the halted trial.
Oppenheimer's focus has now shifted to another of NuCana's investigational drugs, NUC-7738, currently being evaluated in solid tumors and in combination with Keytruda for melanoma treatment. The firm is looking forward to the upcoming presentation of updated Phase 2 results on NUC-7738 at the European Society for Medical Oncology conference.
In other company news, NuCana reported approximately $15 million in cash at the end of the second quarter, expected to fund operations into the first quarter of 2025. The company also regained compliance with the Nasdaq's minimum bid price requirement, following an adjustment in the ratio of its American Depositary Shares to ordinary shares. These are the latest developments in NuCana's journey.
InvestingPro Insights
As NuCana plc (NASDAQ: NCNA) continues to advance its clinical pipeline with the recent patent issuance for its anti-cancer agent, NUC-7738, it's crucial for investors to consider the company's financial health and market performance. According to InvestingPro, NuCana holds more cash than debt on its balance sheet, which is a positive sign of the company's liquidity and financial stability. However, it's also important to note that the company is quickly burning through cash, which may raise concerns about its long-term funding capabilities, especially as it invests in clinical trials and research.
InvestingPro Tips suggest that NuCana's stock generally trades with high price volatility, which could be attributed to the inherent risks associated with the biopharmaceutical industry and the outcomes of clinical studies that can significantly impact investor sentiment.
In terms of market data, NuCana has a market capitalization of $7.26 million USD, reflecting its size within the biopharmaceutical sector. The company's price/book ratio as of the last twelve months leading up to Q2 2024 stands at 1.35, which may offer insight into how the market values the company's assets relative to its share price. Despite the challenges, NuCana has seen a strong return over the last three months, with a 20.87% price total return, indicating some positive momentum in the market.
Investors considering NuCana as a potential addition to their portfolio should be aware that the company does not pay a dividend, which is common for clinical-stage biopharmaceutical companies that often reinvest earnings back into research and development. For those looking for more detailed analysis and additional InvestingPro Tips, there are 11 more tips available on the InvestingPro platform, which can provide further guidance on NuCana's financial health and stock performance.
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