Advanced Accelerator Application SA (NASDAQ:AAAP) has announced the expansion of its theranostic pipeline with the addition of NeoBOMB1, which it describes as a novel GRPR antagonist. The compound is being evaluated as a potential treatment for prostate cancer, breast cancer and gastrointestinal stromal tumor.
According to AAAP, NeoBOMB1 recently underwent two independent studies that evaluated the compound on prostate cancer patients. The company is preparing to present data on the two studies at the upcoming annual meeting of the Society of Nuclear Medicine and Molecular Imaging (SNMMI). The event will take place next week in San Diego, California. AAAP’s presentation on NeoBOMB1 will be on June 14 and 15.
A promising compound
Listening to Advanced Accelerator Application’s management speak about NeoBOMB1, one may get the feeling that they are confident that they have a promising cancer compound in the works. In a statement, the company said that NeoBOMB1 is capable of binding selectively and with great affinity to the GRP receptors that are expressed by many types of tumors. The company went further to say that the receptors that NeoBOMB1 has shown have an ability to bind with important targets when it comes to dealing with diagnostic and therapeutic issues around various cancers.
Based on a successful formula
According to AAAP’s CEO Stefano Buono, NeoBOMB1 is based on the same successful formula that has been applied in the development of lead compounds Lutathera and Somakit. It is worth pointing out that Somakit was recently cleared by the FDA.
THe company acquired rights to NeoBOMB1 from the original developers at Demokritos and Erasmus University Medical Center. The company is planning additional studies on the compound to assess how it performs in relation to prostate cancer, breast cancer and gastrointestinal stromal tumor.
AAAP generated revenue of about $30.7 million in 1Q2016, up nearly 30% YoY. Its net loss of $3.39 million in the latest quarter shrank from a net loss of $6.72 million in the comparable period a year ago.