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Greenwich LifeSciences Ends up 1,000% on Positive Phase 2 Results

Shares remained active in after-hours trading Wednesday on a day the stock was halted over a dozen times after announcing positive results for its breast cancer treatment candidate.
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Greenwich LifeSciences GLSI ended up almost 1,000% Wednesday and remained volatile in after-hours trading Wednesday after the clinical-stage biopharmaceutical company announced positive news from the Phase 2b trial of its breast cancer treatment candidate GP2. 

Shares of the Stafford, Texas-based company opened the day at $16.07 after closing the previous session at $5.20 per share. They traded above $110 a share before settling back to end regular trading at $57.10, up 998%. In after-hours trading the stock rose $16.70, or 29%, to $73.80

The stock was halted more than a dozen times as the stock took off in afternoon trading. 

The company announced the results of the final five-year follow-up on disease-free survival curves evaluating the reduction of breast cancer recurrences and "a potent immune response" in women. 

They plan to move to Phase 3 trials in 2021, according to Greenwich LifeSciencesCEO Snehal Patel. 

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"The poster presented at the SABCS is important because the Kaplan Meier survival curves and demographic data further validate our promising HER2 3+ (breast cancer) Phase IIb data and support our plan to commence a Phase III trial," Patel said. 

Recurring breast cancer affects 1 in 8 women, according to Greenwich. 

About 50% of women with recurring breast cancer don't respond to Herceptin and Kadcyla, intravenous drugs that are taken as part of a chemotherapy regiment. This can result in metastatic breast cancer, which carries a much poorer prognosis. GP2 is supposed to prevent breast cancer recurrences in patients who have previously undergone surgery. 

"By addressing this unmet need, GP2 may reach a potential market exceeding $5 billion," Patel said. 

Investors traded more than 16 million shares of Greenwich Wednesday, nearly 600 times its normal trading volume of about 30,000 shares.