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Kite Pharma Says Cancer Drug KTE-C19 Showing Great Promise

Kite Pharma source-NASDAQ

Eight patients with aggressive non-Hodgkin’s lymphoma treated with Kite Pharma Inc.‘s cancer drug were in complete remission and four others in partial remission, the company announced Monday.

Company Shares surged 29% to $28.70 in after-hours trading, above their $17 opener, but not as high as it was June 24, after the company’s initial public offering.

The Santa Monica, Calif., clinical-stage biopharmaceutical company prepares to file an investigational new drug application next quarter, to begin a clinical trial of the drug, KTE-C19, in patients with diffuse large B-cell lymphoma who have failed two or more lines of therapy.

Kite Pharma was founded in 2009 by Arie Belldegrun, M.D., FACS, an Israeli-American oncologist, who serves as the company’s president, chief executive officer and chairman.

DLBCL is the most common form of non-Hodgkin lymphoma.

The results from patients in the second treatment group of the Phase 1-2a clinical trial were published Monday in the American Society of Clinical Oncology’s Journal of Clinical Oncology.

The trial, funded by Kite and conducted by the National Cancer Institute, consists of 15 patients, including two re-treated from a prior group. Of the 15, 13 provided sufficient information to measure their response to treatment.

Kite Pharma focuses on developing therapies that use patients’ immune systems to treat cancer.

According to the Wall Street Journal, on June 30 the company reported a net loss of close to $18 million, compared with a loss of about $1.7 million for the same period last year, due to its June IPO and higher R&D costs.

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