Kite Pharma Inc (KITE) Shares Skyrocket after Positive Results for Non-Hodgkin’s Lymphoma Drug

In a series of medical advancements, Kite Pharma Inc (NASDAQ:KITE) announced positive results for its anti-CD19 treatment used against aggressive non-Hodgkin’s lymphoma. Following the news, the shares of the company have skyrocketed in after-hours trading with 30% increase in its prices.

According to a press release issued by Kite Pharma Inc (NASDAQ:KITE) on August 25, 2014, patients suffering from aggressive non-Hodgkin’s lymphoma have experienced positive results after taking anti-CD19 CAR (Chimeric Antigen Receptor) T Cells. The study was conducted at the National Cancer Institute and out of 13 patients (suffering from advanced B Cell Malignancies) in the study, 12 have reported either complete remissions (8 patients) or partial remissions (4 patients) after the results.

kite pharma (KITE)

According to the CEO of Kite Pharma Inc (NASDAQ:KITE), Arie Belldegrun, M.D., FACS,

“We are greatly encouraged by the strong results we have seen from our joint lead clinical program with the NCI. Based on this substantial progress, Kite plans to file an IND in the fourth quarter of this year to initiate a Phase 1-2 single-arm multicenter clinical trial of KTE-C19 in patients with DLBCL who have failed two or more lines of therapy. We are excited to advance this promising therapy and anticipate commencing patient enrollment in our DLBCL clinical trial in the first half of 2015.”

Kite Pharma Inc (NASDAQ:KITE) is a biopharmaceutical company that develops novel cancer immunotherapy products focusing eACT (offer immune system the ability to identify and eradicate cancerous tumors). The company reported its second quarter results on August 14, 2014 with net loss of $17.9 million with a basic and diluted net share loss $2.27. The company had $203.4 million in cash and cash equivalents at the end of the second quarter.

This article has been written by Prakash Pandey and edited by Serkan Unal.

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