Stock Track | ImmuneOnco Stock Soars Over 26% on Dosing of First Patient in Lupus Drug Trial

Stock Track10-26

Shares of ImmuneOnco Biopharmaceuticals (Shanghai) Co., Ltd. (HKG:1541) soared 26.28% on Thursday, following the company's announcement of a significant milestone in the clinical development of its lupus drug candidate, IMM0306.

According to a filing with the Hong Kong Stock Exchange, ImmuneOnco revealed that the first patient has been dosed with IMM0306 in a Phase 1b clinical trial for the treatment of systemic lupus erythematosus (SLE). The drug is designed to target and bind to the proteins CD47 and CD20 found on cancerous B cells, with a stronger affinity for CD20. This targeted approach could potentially enhance the drug's effectiveness as a cancer treatment.

The positive clinical trial update was well-received by investors, driving ImmuneOnco's shares to close at HKD 7.25, up HKD 1.0 or 16.19% from the previous day's close. The market's enthusiasm reflects the promising prospects of IMM0306 as the company progresses its development for treating the autoimmune disease SLE.

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