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.
"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.