Kura Oncology stock is trading sharply higher this morning after revealing the results of a Phase 2 trial of one of its cancer drugs, Tipifarnib.
The La Jolla company’s stock soared over 33 percent Thursday morning to $5.83 per share.
The clinical update was tucked into the company’s latest earnings statement for the second quarter.
Although the clinical results reflected data from a very small patient pool, CEO Troy Wilson said in a recent investor call that the results were promising.
“Given the unmet need in head and neck cancers, including related tumors of the salivary gland as well as the fact that there are no approved treatments that target HRAS mutations specifically, we are encouraged by these early indications of activity and we look forward to continuing to invest again the potential for Tipifarnib to provide benefit to patients with HRAS mutant solid tumors,” Wilson said.
In the second quarter financial statement, Kura posted a net loss of 36 cents per share, narrower than analysts’ estimated loss of 38 cents per share.