ORIC Pharmaceuticals Surges 44% on Pfizer Collaboration, Investment
Tiger Newspress2022-12-22
ORIC Pharmaceuticals (NASDAQ:ORIC) soared 44% in premarket trading Thursday after announcing both a collaboration on a multiple myeloma candidate with Pfizer (NYSE:PFE) as well as an equity investment from the drug giant.
ORIC-533, a CD73 inhibitor, is currently in phase 1. The companies said the candidate could be moved into phase 2 in a combination study with Pfizer's (PFE) elranatamab, a B-cell maturation antigen (BCMA) CD3-targeted bispecific antibody under investigation for multiple myeloma.
ORIC (ORIC) said the $25M investment from Pfizer (PFE) means its cash runway is extended into H1 2025.
Seeking Alpha's Quant Rating views ORIC (ORIC) as a hold.
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