Endocyte, Inc. (ECYT) Gains Following Clinical Update, Q2 Earnings

Endocyte, Inc. (NASDAQ: ECYT) reported Q2 EPS of $0.52, may not compare to the analyst estimate of $0.18. Revenue for the quarter came in at $49.2 million, may not compare to consensus estimate of $25.3 million.

"We anticipate the presentation of detailed TARGET trial results evaluating vintafolide in non-small cell lung cancer at the European Society of Medical Oncology Congress (ESMO) in September, and in the meantime, we have made significant progress with our more potent folate-targeted SMDC, EC1456, in a phase 1 dose escalation trial," said Ron Ellis, Endocyte's president and chief executive officer. "We have seen no dose limiting toxicities at the first two dose levels and are preparing to enroll patients in the third cohort of this trial, who will be dosed at 1.5 mg/m2, a similar level to where vintafolide was dosed in the TARGET and PROCEED trials. The tubulysin drug payload in EC1456 is significantly more potent than vintafolide, and EC1456 has demonstrated curative activity in preclinical models that were resistant to paclitaxel and cisplatin, as well as vintafolide (with its drug payload vinblastine)."

"We are currently finalizing the development plan for EC1456, including the selection of target indications to evaluate once the maximum tolerated dose is determined," added Mr. Ellis. "This development plan will incorporate what we have learned from vintafolide trials to help ensure we deliver an optimal dose to the appropriate patient population as we move to later stage trials. Based on the data we have reviewed from both Endocyte and Merck clinical trials, we believe there is opportunity to both safely increase dose and more selectively identify patients."

For earnings history and earnings-related data on Endocyte, Inc. (ECYT) click here.

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