Maxim Reaffirms Celsion (CLSN) at 'Buy' as OVATION Study Safety Review Completed
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Maxim affirms Celsion Corp. (Nasdaq: CLSN) with a Buy rating and $4 price target after the company announced that the independent Data Safety Monitoring Board (DSMB) has completed its safety review of data from the first three patient cohorts in the ongoing Phase Ib OVATION Study.
Analyst Jason McCarthy noted the following today:
- Data from the first six patients (Cohorts 1 and 2) demonstrated that one patient experienced a complete response, two had partial responses, and three had stable disease. In addition, the biological marker of ovarian cancer, CA-125, was decreased by over 95%. A decrease of 50% is considered "good" and a decrease over 95% is considered "excellent."
- Cohort three (N=3) has been treated, and the last cohort is now enrolling. Top-line data, including immune response data, is expected in 1Q17.
- Conclusion. Clearing the safety hurdle for an IL-12 based therapy is critical given the potential for toxicity. While we await data for ThermoDox in primary liver cancer (interim data late 2018), GEN-1 continues to generate newsflow in immune-oncology, which we believe represents incremental catalysts for the stock.
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