Why Is Nano-Cap Allarity Therapeutics Stock Trading Up On Thursday?

Allarity Therapeutics Inc (NASDAQ:ALLR) shares are trading higher on a strong session volume of 67 million, as per the data from Benzinga Pro.

The company announced the early discontinuation of its Phase 2 clinical trial of stenoparib for advanced recurrent ovarian cancer. 

The patients enrolled in the trial had been pre-screened by Allarity’s Drug Response predictor (DRP) companion diagnostic to treat only patients with the highest likelihood of deriving clinical benefit.

The trial, evaluating stenoparib given twice daily, has shown clear clinical benefits, including tumor shrinkage and long-term disease stability, in heavily pretreated ovarian cancer patients. 

These results have provided sufficient clinical proof of concept for stenoparib as monotherapy, prompting Allarity to halt further enrollment in this trial to enable and accelerate the development of a follow-on trial with FDA regulatory intent.

“Based on the substantial clinical benefit observed in the early stages of the trial, we have achieved proof of concept results that surpassed our initial expectations and provided the critical insights we were seeking,” stated Thomas Jensen, CEO of Allarity Therapeutics.

“Concluding the trial now is the most effective way to re-allocate our financial resources to develop a follow-on trial with the fastest route to regulatory submission for stenoparib.”

This company’s decision will not affect the ongoing treatment of current patients, as described in greater detail in Allarity’s March 27, 2024, press release.

ALLR Price Action: Allarity Therapeutics shares are up 6.57% at $1.46 at the last check Thursday.

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