FDA Approves New Oncology Drug for Clinical Trials
Source: Dr. Robert Driscoll
August 29, 2023 (Investorideas.com Newswire) The first in-human trial of this investigative small molecule is expected to start in Q4/23, noted a Wedbush report.
IDEAYA Biosciences Inc. (IDYA:NASDAQ) investigative compound, GSK101 (IDE705), was greenlighted by the U.S. Food and Drug Administration for clinical testing, reported Wedbush analyst Dr. Robert Driscoll in an August 21 research note. Upon clearance of the investigational new drug application, Ideaya received a US$7 million (US$7M) milestone payment from its collaboration partner, GlaxoSmithKline (GSK).
"We continue to believe GSK101 is a compelling program with clear clinical paths that could provide significant upside to our Ideaya estimates," Driscoll wrote.
Offers Attractive Return
As such, Wedbush maintained its US$40 per share 12-month price target on the California-based precision medicine oncology biopharma, currently trading at about US$26.92 per share.
The return to target from the current share price indicates a compelling return for investors of 49%.
Ideaya is rated Outperform.
First Clinical Trial
Next for GSK101 is the evaluation via a Phase 1/2 trial in combination with the PARP (poly-ADP ribose polymerases) inhibitor, niraparib (Zejula), in solid tumors with homologous recombination deficiency, Driscoll reported.
These tumors include BRCA1/2-mutated tumors, of which ovarian cancers comprise about 50% and breast cancers comprise 10-14%.
Wedbush expects that GSK, responsible for the clinical development of GSK101, will launch this initial trial in Q4/23.
When the Phase 1 dose expansion starts, noted Driscoll, Ideaya is due to receive another milestone payment from GSK, this one for US$10M.
Synergy With PARP Inhibitors
GSK101 is a small molecule inhibitor of polymerase theta, a high-interest target due to its critical role in repairing DNA. The drug specifically targets the ATPase domain of polymerase theta.
Driscoll pointed out that polymerase theta inhibitors, in general, have been shown to "play nice" or "be synergistic" with PARP inhibitors and "eliminate a subset of PARP inhibitor-resistant tumors." Specifically, in one example, Ideaya demonstrated in preclinical studies that GSK101 strongly synergizes with niraparib in vivo and may overcome or prevent resistance to PARP inhibitors. This bodes well for GSK101 in its first clinical trial.
More Info:
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
That's all it takes to get an article published on Investor Ideas - Learn More
