TRACON Pharmaceuticals Inc (NASDAQ:TCON) announced results from a clinical trial that combined its Inlyta product with TRC105 to treat patients that suffer from renal cell carcinoma. It will be presented at the American Society of Clinical Oncology (ASCO) 2015 Genitourinary Cancers Symposium in Florida.
TRC105 is a clinical stage antibody for andoglin. Endoglin is a protein that is overexpressed on growing endothelial cells. These are essential for angiogenesis which is the process of forming new blood vessels. The drug is currently the subject of clinical trials that are being run by TRACON Pharmaceuticals Inc (NASDAQ:TCON) and also the National Cancer Institute. It is for the treatment of tumors and is used in combination with VEGF inhibitors. The drug is being developed in combination with VEGF treatments in a macular degeneration in older people.
TRACON just recently IPO’d as a publicly traded company. It originally priced at $10 and has traded around that level fairly consistently. TRACON Pharmaceuticals Inc (NASDAQ:TCON) develops drugs that target cancer that are age-related and affect macular degeneration and fibrotic diseases. They have two viable candidates in their pipeline. TRC105 is an anti-endoglin antibody that is being created for the treatment of hard tumors. TRC102 is a small molecule that the company is developing for lung cancer treatments along with glioblastoma. They are also used in combination to treat other cancer-related ailments.
The company IPO’d and was priced at $10. They sold 3.6 million shares on the open market. All shares that were offered were provided by TRACON Pharmaceuticals Inc (NASDAQ:TCON). TRACON also granted the underwriters a 30-day option to purchase another 540K shares of the company’s common stock. They also sold another 500k shares in a private offering at the IPO price of $10.
The stock has traded at its IUPO level of 410 for the past two weeks. It is a new issue and that means there is not much technical data to analyze. The stock moved up to the $12 range and if it can hold here a base for future development could be built offering better data.