Positive news from ImmuPharma’s (LON:IMM) cancer trials did not provide much in the way of a shot in the arm for the share price today.
However, the 10p rise in the share price (now 48p) in the last two weeks suggests investors have been waiting on the update.
Its early stage trial of its potential new cancer treatment is progressing according to plan, it informed the market today.
Researchers are using what is called a polyplexed Nucant version of IPP-204106, which was shown to be 10 times more efficacious than the original formulation in pre-clinical studies.
The idea of the phase I trial is to assess safety and establish an optimal dosing regimen for the medication.
Usually this would be carried on healthy volunteers, but in cancer the protocol is different. IPP-204106 will be tested on patients with various different strains of the disease where all other treatment options have been exhausted. All have metastasis, meaning the cancer has spread around the body.
ImmuPharma will shortly take the drug candidate into phase II trials to assess early signs of efficacy, and will treat 30 patients.
The AIM-listed biotech also plans a more focused follow-up on patients with glioblastoma (brain tumour), metastatic melanoma and pancreatic cancer.
Chief scientific officer, Dr Robert Zimmer, said: “The clinical development of our cancer programme continues to be a key priority for ImmuPharma. We look forward to announcing interim results from the current trial in the near future.”
Broker Panmure Gordon described P-204106 as the company’s sleeper, reiterating its ‘buy’ advice and 150 pence price target.
The majority of Panmure’s valuation relates to the company’s lead drug, Lupuzor, a treatment for the auto-immune disease lupus.
Lupuzor has received strong backing from both the regulators and scientific community, although the share price has so far failed to reflect progress to date.
Precious metals shares were on a high today as the price of gold boosted a number of shares including Mariana Resources (LON:MARL) and Shanta Gold (LON:SHG).
A resurgence from the spot price of silver added some shine to Arian Silver (LON:AGQ) shares on Tuesday. The company’s shares added a penny to stand at 5.4p each.
Caledonia Mining (LON:CMCL, TSX:CAL) mitigated the effects of the lower gold price in the second quarter by increasing productivity and lowering costs.
Productivity at its 49%-owned Blanket mine in Zimbabwe rose to around 1,125 tonnes per day (tpd) in the second quarter from about 1,030 tpd in the first.
Gold produced in the quarter was 11,588 ounces, up from 10,472 ounces in the preceding quarter and ahead of the planned target of 10,000 ounces. Gold production for the third quarter has started well, with production in July clocking in at around 4,480 ounces, some 35% higher than the planned monthly target of 3,300 ounces.
Management believes that Blanket is on course to produce around 44,000 ounces in 2013, which is 10% higher than the previous guidance of 40,000 ounces.
Meanwhile, Blanket's operating costs per ounce and all-in sustaining cost per ounce (now calculated based on the most recent guidance from the World Gold Council) were both lower in the second quarter of 2013 than in the preceding quarter at US$689 per ounce and US$956 per ounce, respectively.
Blanket's all-in cost of US$1,211 an ounce includes investments in projects to increase production.
As part of its £33mln financing package announced in July – including a placing of £25mln – stem cell specialist ReNeuron (LON:RENE) today revealed that Neil Woodford’s Invesco Perpetual fund now owns 22% of the company.
The shares rose 4% to 4.05p each.