Investors in Tyme Technologies (NASDAQ:TYME), a clinical-stage biotechnology focused on cancer, are having a great day. Shares are up 54% as of 3:46 p.m. EST, after management released preliminary data from a phase 2 trial and scheduled a conference call to discuss the results.
Tyme is holding a call with investors on Friday at 9 a.m. EST to discuss data from a phase 2 trial, which is testing its compound SM-88 as a hopeful treatment for pancreatic cancer.
The abstract from the study was published earlier today on the American Society of Clinical Oncology's (ASCO's) website.
The data that seems to have traders feeling giddy today was that 3 out of 4 evaluable subjects appeared to be responding to the treatment. In addition, the drug was shown to be well-tolerated by patients, as no treatment-related grade 4 or 5 events occurred.
This data suggest that SM-88 might be the real deal.
This initial data release is certainly encouraging, but it's hard to draw any real conclusions about SM-88 since we're only talking about four patients. The reason the reported number of patients is so small is that the abstract only includes patient data that met ASCO's abstract submission deadline of Sept. 25. At that time, the majority of patients had been on trial for less than one month.
Management plans on providing investors with up-to-date clinical data through January when it holds its call on Friday. Bulls and bears alike will want to tune in to get the latest read on SM-88.