Iovance Biotherapeutics Inc (NASDAQ: IOVA) was one of the top gainers in Tuesday’s session, to close the day with gains of 27.42%. This came after the company released Q4 results that beat analyst expectations and offered updates on its various clinical programs.
In its clinical updates, the company announced that it had completed patient doses in the melanoma program, in its cohort 4 C-144-01 trial. The dosage started in March 2019 and was completed in January 2020, which was 3 months ahead of schedule.
The company also announced that it had presented data for lifileucel in metastatic melanoma and LN-145 for cervical cancer. It added that in the presentation, it had shown the effectiveness and safety of lifileucel in metastatic melanoma and tenacious cervical cancer. The company further announced that it had expanded its TIL treatment to head and neck, and NSCLS patients.
The company also announced some regulatory breakthroughs. It got a breakthrough therapy designation and was carrying out the end of phase 2 meeting with regards to LN-145. The company also announced that it got cleared for its investigational new drug application and started patient dosing for PBL therapy.
It also announced a number of anticipated milestones for 2020. They include a BLA submission, Pre-BLA meeting with the FDA, release of key data on Melanoma, and the dosing of the last patient with LN-145 for cervical cancer.
On finances, the company announced that in Q4, it had a net loss of $63.6 million. This is higher than the $32 Million that it reported in Q4 of the previous financial year. The net loss for the full year 2019 also widened to $197.6 million compared to $123.6 million a year earlier.
Looking at its price action, IOVA was in a breakout in Tuesday’s session. It opened the day at $24.81 and hit a high of $34.46 before closing at $31.46. Volumes in the day stood at 11.47 million.
About Iovance Biotherapeutics Inc
Iovance Biotherapeutics Inc is a biotech company that develops cancer treatments. It is based in San Carlos, California.