TPST (Tempest Therapeutics | NASDAQ:TPST)Shares of Tempest Therapeutics (NASDAQ:TPST) closed nearly 4,000% higher Wednesday after the company released updated data from a Phase 1/2 study of its drug TPST-1120 in the first-line treatment of advanced or metastatic hepatocellular carcinoma, a type of liver cancer.
The stock closed at $9.77 after opening at $2.13.
In conjunction with the study update, the company also said its board had adopted a limited duration shareholders rights plan, effective immediately. The company said the plan was not adopted in response to any specific takeover threat.
Tempest said the updated results showed patients administered TPST-1120 in combination with atezolizumab and bevacizumab had a 30% overall response rate versus 13.3% for the atezolizumab and bevacizumab arm. The company noted that this was a substantial increase from previous data that indicated the ORR was 17.5% versus 10.3%.
The company added that the TPST-1120 arm also showed an ORR of 43% in a subpopulation of patients with a beta catenin mutation.
Tempest said it was looking to move TPST-1120 into a pivotal trial and at “advancing discussions with potential partners who share our vision for TPST-1120.”
The new data was provided by Roche (OTCQX:RHHBY), which managed study operations for the trial as part of its Morpheus program. Tempest said it still retains all product rights to TPST-1120.
