The Starpharma Holdings Limited (ASX: SPL) share price has been a very positive performer on Tuesday.
At one stage today, the dendrimer product developer's shares jumped 7.5% to hit a record high of $2.10.
The Starpharma share price has since given back some of these gains but is still up 4% to $2.03 at the time of writing.
Why is the Starpharma share price racing higher?
Investors have been buying Starpharma's shares after it provided an update on its AZD0466 product.
AZD0466 is a highly optimised nanomedicine formulation of AstraZeneca's novel dual Bcl2/xL inhibitor which utilises Starpharma's DEP technology. It utilises DEP to improve the formulation characteristics and therapeutic index of the anti-cancer agent and is currently in a phase 1 trial in the United States.
According to today's update, AstraZeneca has informed Starpharma of its intention to expand the clinical program for AZD0466 to include a multi-centre global Phase 1 study. The study will recruit patients with acute leukaemias.
The healthcare giant made the move after preclinical data highlighted the potent and broad ranging anti-cancer activity of AZD0466 which results from the dual Bcl2 and Bcl/xL activity.
It provided positive preclinical data for AZD0466 in haematological cancers, including those resistant to venetoclax. AZD0466 also demonstrated superior anti-cancer activity in preclinical models of haematological cancers, including Acute Myeloid Leukemia (AML), Acute Lymphoblastic Leukemia (ALL) and Non-Hodgkin's Lymphoma.
Starpharma's CEO, Dr Jackie Fairley, was very pleased with the news.
She commented: "We are excited to see the global expansion of the clinical program for AZD0466 and AstraZeneca's commitment to bringing this important medicine to patients in need, as quickly as possible."
"There has been great enthusiasm for the global study from investigators and we understand that the intention is to expedite development of AZD0466 with the objective of obtaining regulatory approval for specific indications of high unmet clinical need. We look forward to further progress and clinical data for this exciting oncology medicine," Dr Fairley concluded.
