Avacta Group PLC (AIM:AVCT) shares soared 16.7% higher in early exchanges as it reported favourable results from a phase 1 clinical trial.
The life sciences company said that AVA6000 continues to show a very favourable safety profile in the fourth dose cohort of the ALS-6000-101 dose escalation phase 1 clinical trial.
Additionally, analysis of tumour biopsies obtained from six patients across several cohorts indicates that doxorubicin is being released within the tumour tissue confirming the tumour-targeting potential of the pre|CISION technology, the company said.
Avacta also noted that AVA6000 continues to be well tolerated by patients in cohort 4 with a marked reduction in the incidence and severity of the typical toxicities associated with the standard doxorubicin chemotherapy administration.
In a statement, Dr Alastair Smith, Avacta chief executive officer commented: "We're delighted with the very positive data emerging from the dose escalation study of our lead pre|CISION tumour targeted therapy AVA6000.”
"We are now in a position to proceed beyond the fourth cohort in the dose escalation study to even higher doses than originally anticipated, which is an unexpected and very positive development” he added.