Endocyte Inc (NASDAQ:ECYT) a biopharmaceutical entity advancing targeted therapeutics for tailored cancer treatment, reported that it has been chosen for inclusion to the NASDAQ Biotechnology Index®. The company’s addition to this index became effective on December, 18, 2017.
The NASDAQ Biotechnology Index comprises securities of NASDAQ-listed firms that fulfill certain eligibility criteria, and are categorized as per the Industry Classification Benchmark as either Pharmaceuticals or Biotechnology. These requirements comprise average daily trading volume and minimum market capitalization. More details about the NBI can be found at indexes.nasdaqomx.com.
Endocyte marks as a biopharmaceutical leader and company in advancing targeted therapies for the personalized cancer treatment. The firm’s drug conjugation know-how targets companion imaging agents and therapeutics particularly to the site of diseased cells. Its major program is a prostate specific membrane antigen targeted radioligand therapy named 177Lu-PSMA-617, moving into Phase III for mCRPC. Endocyte is also developing its adaptor-controlled CAR-T treatment into the clinic next year, where it will be assessed in pediatric osteosarcoma.
In unrelated news, Endocyte issued financial report for the third quarter closed September 30, 2017, and issued an update on its in-licensed lead program named PSMA-617. Mike Sherman, the CEO and President of Endocyte, reported that the third quarter was remarkable for company, as they accelerated their path to commercialization by getting global rights to advance 177Lu-PSMA-617, a possibly first-in-class RLT and revenue opportunity of $1 billion, addressing both soft tissue and bone disease in prostate cancer patients.
In the period since closing that deal, the company has recorded considerable progress developing the advancement of this promising treatment towards Phase III commencement in the first half of 2018. Mr. Sherman added that with their new emphasis on RLTs in prostate cancer and their association with Seattle Children’s Research Institute to advance their CAR T-cell therapy in pediatric osteosarcoma, they have positioned Endocyte in two most promising segments of growing cancer treatment, the values of which were showcased recently by massive deals.