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Aravive Higher on Progress in Phase 1b Trial of Kidney-Cancer Drug

Aravive shares jumped after the oncology-drug specialist reported progress in a trial of a drug to treat kidney cancer.

Aravive  (ARAV) - Get Report shares jumped on Thursday after the oncology-pharmaceutical specialist reported progress in a trial of a treatment for kidney cancer.

The Houston company cited “positive initial results from the Phase 1b … study in patients dosed with 15mg/kg of AVB-500 in combination with cabozantinib who have … advanced-stage kidney cancer.”

“The data in three evaluable patients showed that AVB-500 was well tolerated with no unexpected findings," the company said.

Aravive shares recently traded at $6.66, up 25%. It had been down 14% in the six months through the close of Wednesday trading.

Now the company “plans to expand the dosing of 15mg/kg of AVB-500 to an additional three patients to determine the potential of initiating the Phase 2 portion with this dose,” it said.

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“The company also expects to continue to investigate higher doses of AVB-500 in the Phase 1b to obtain additional safety" and other data.

The clinical data indicate that AVB-500 in combination with anticancer therapies "may have the potential to be used in a range of different cancers.” Chief Executive Gail McIntyre said in a statement.

In other drug news Thursday, Eli Lilly  (LLY) - Get Report received breakthrough status for its donanemab treatment for Alzheimer’s disease from the FDA.

That speeds the Food and Drug Administration’s consideration of the drug for marketing clearance.

Earlier this month the FDA approved Biogen’s  (BIIB) - Get Report Aduhelm to treat Alzheimer’s. That drug, too, had breakthrough status. 

Analysts upgraded Biogen after the move, with Bernstein’s Ronny Gal lifting his rating to outperform from market perform.