Oncotelic Therapeutics (OTCMKTS:OTLC) is trading slightly lower in the first hour of trading after the news.
Market Action
As of 10:01, OTLC stock moved down by 2% at $0.2500. The stock has traded 46K shares, compared to its average volume of 196K shares. The stock opened at $0.2550 and moved in a range of $0.2482 – 0.2600.
Major Trigger:
ONCOTELIC CLOSES COVID-19 CLINICAL TRIAL EARLY.
Key Highlights:
- Oncotelic Therapeutics announced that, as of June 11, 2021, Oncotelic has discontinued enrollment in its OT-101 clinical trial in patients with COVID-19. The trial completed randomization of 32 out of 36 patients planned, on an intent to treat basis. The total of 32 patients consisted of 20 Part 1 patients, being patients with less severe disease and requiring none to low flow oxygen, and 12 Part 2 patients, being patients with more severe disease and requiring high flow oxygen with or without mechanical ventilation.
“This study represented a thorough and comprehensive design and is expected to yield significant data associated with a number of biomarkers and immunological parameters resulting from the treatment of COVID-19 patients with OT-101. C001 is the only trial evaluating TGF-beta inhibitor as a COVID-19 therapeutic.”, said Dr. Anthony Maida, CCO and director of Oncotelic.
“Due to the continuing rise of more severe variants in Latin America, leading to exhaustion of medical care infrastructure in Latin America, Oncotelic chose to stop enrollment before full enrollment of the 18 patients needed for Part 2 so that we can unblind the trial to determine the role of TGF-beta in the variants currently dominant in Latin America. This will provide us with an opportunity to assess our corporate directions as to COVID.”, said Dr. Vuong Trieu, CEO and Chairman of Oncotelic.
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