Shares of Sophiris Bio (SPHS) closed the day up 69% after the company announced that it had received positive phase 2a results in patients with prostate cancer. The phase 2a trial was a proof of concept study to see if the company's drug PRX302, or Topsalysin, was well tolerated by these patients. Patients in the trial were treated with one localized treatment and then evaluated for efficacy six months later.
Topsalysin was able to demonstrate the ability to kill tumor cells in half of the patients treated, or 9 out of 18 total. This confirmation of efficacy now means that Sophiris can start a full phase 2 trial and test the drug in patients compared to a placebo compound. This treatment option is a good one, in which patients can go to their doctors office and receive one injection into the prostate, without a requirement for follow-up treatments.
Sophiris Bio had previously received positive phase 3 results for Topsalysin in patients with BPH (enlarged prostate). The drug met the primary endpoint of the phase 3 trial. On May 12, 2016 the company announced that it is in the process of seeking strategic alternatives by obtaining the help of Oppenheimer & Co. It will attempt to create shareholder value by engaging in partnering activities, merger agreements, or financial strategies. For a company with such positive results in a phase 3 and a phase 2 study, we anticipate that its market cap of ~$40M will grow.
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