NEW YORK (TheStreet) -- Shares of Synta Pharmaceuticals (SNTA) rose 6.55% to $3.09 in late morning trading Thursday after the company announced presentations at the upcoming annual meeting of the American Association of Cancer Research.
The company announced Thursday morning that it would make poster presentations related to its studies of ganetespib, a novel small molecule inhibitor of heat shock protein 90 (Hsp90) currently in Phase 3 development, and STA-12-8666, the company's leading candidate from its proprietary Hsp90 inhibitor Drug Conjugate (HDC) Program.
"Preclinical data presented at this year's AACR meeting add to the body of data supporting the potential benefit of combining ganetespib with multiple therapeutic modalities in the treatment of various cancers, including non-small cell lung cancer," said Synta President and CEO Anne Whitaker in a statement. "These data continue to provide support for our broad clinical strategy, including the ongoing Phase 3 GALAXY-2 trial and our large, randomized, investigator-sponsored studies, and will help shape our future clinical direction."
"In addition, we continue to see highly encouraging preclinical proof of concept data for our lead HDC candidate, STA-12-8666, in several animal models, including resistant pancreatic cancer and small cell lung cancer patient derived xenografts," Whitaker continued. "We are encouraged by the progress of this program and look forward to moving toward an IND submission by the first quarter of 2016."
The presentations will take place from April 19 to April 21 in Philadelphia.