The drug candidate, PRP is a mix of two proenzymes that targets solid cancerous tumors. The Melbourne-based company’s research partner in Berlin has developed a highly sensitive technique for measuring the ratios of the proenzymes as well as the two enzymes it activates.
This step is crucial in developing the drug at scale and determining dosing, and its completion allows Propanc to move forward in discussions with potential sites for its clinical trial, which the company expects to launch in early 2020.
READ: Propanc Biopharma gears up to file clinical trial application for its lead anti-cancer therapy PRP
The company plans to present its findings to the Peter Mac Center, Australia’s largest cancer hospital, in what’s known as the pre-validation phase.
“This is an important step for the advancement of PRP towards commencing our first-in-human study,” Propanc's Chief Scientific Officer Julian Kenyon said in a statement.
“Understanding clinical effects and their relationship to the concentration of the drug over time is especially important so that we can optimize dosing of PRP when administered to patients,” he added.
Traders responded optimistically, driving shares 22% higher to $1.70 Thursday afternoon.
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