Threshold Shares Rise On Selected Study Data

NEW YORK (AP) — Shares of Threshold Pharmaceuticals Inc. rose Friday after the company highlighted select data from a midstage cancer study of its drug candidate TH-302.

The stock jumped 11 cents, or 4.6 percent, to $2.53 in morning trading. Shares have traded between 21 cents and $2.90 over the last 52 weeks.

The Redwood City, Calif.-based company presented selected data on Thursday from the Phase I/II clinical trial at the "Perspectives in Melanoma XIII" conference in Baltimore.

There are currently 78 patients in an expansion component of the trial with various types of cancer, including skin and lung cancer.

The company only focused on the first nine patients with metastatic melanoma, or skin cancer, who are part of the study's dose escalation expansion. Out of those nine patients, it said only 8 could be evaluated. It said 6 of those patients had stable disease or better.

Additional patients are being enrolled to better define the extent of the tumor response activity, the company said.

Threshold said fatigue was the most common reported side effect.

Lazard Capital Markets analyst Joel Sendek said the selected study data was compelling and supports the drug candidate's broad potential in treating cancer. He reaffirmed a "Buy" rating and a $3 price target.

He expects additional positive study data on the drug during the fourth quarter.

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