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Investing.com -- Arcellx (NASDAQ:ACLX) stock fell 14% after rival drug developer Kelonia Therapeutics released promising early-stage trial data for its experimental blood cancer therapy, potentially threatening Arcellx ’s position in the multiple myeloma treatment space.
Kelonia, a private company, shared results from the first three patients treated with KLN-1010, its experimental therapy for relapsed and refractory multiple myeloma. All three patients achieved minimal residual disease negativity at month one, with the effect persisting through three months in the patient with the longest follow-up.
The data will be presented in a late-breaking oral presentation at the American Society of Hematology annual meeting in December in Orlando, Florida.
Arcellx is developing a similar therapy called anitocabtagene autoleucel (anito-cel) for patients with relapsed or refractory multiple myeloma, putting it in direct competition with Kelonia’s treatment approach.
Guggenheim analyst Michael Schmidt characterized the market reaction as "overdone," noting that while Kelonia’s abstract highlights "promise and potential feasibility of this approach," investors should consider the early nature of the data with limited follow-up and the absence of long-term safety information.
The competitive landscape for multiple myeloma treatments continues to evolve rapidly as companies race to develop more effective therapies for this form of blood cancer.
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