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Allogene Therapeutics Shares Climb 30% on Phase 1 Relapsed/Refractory NHL Study Data

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Shares of Allogene Therapeutics traded higher and reached a new 52-week high price after the company reported initial results from its Phase 1 relapsed/refractory non-Hodgkin lymphoma trial.

Clinical-stage biotechnology company Allogene Therapeutics Inc. (ALLO:NASDAQ), which develops allogeneic CAR T (AlloCAR T™) therapies for cancer together with its partner independent international pharmaceutical company Servier, announced "the release of the abstract related to an upcoming oral presentation at the American Society of Clinical Oncology (ASCO) Annual Meeting." The company stated that it will present the first data from its Phase 1 dose escalation ALPHA study of ALLO-501 in relapsed/refractory non-Hodgkin lymphoma (NHL) at the virtual meeting. The firm advised that the study is evaluating Allogene's ALLO-647, an anti-CD52 monoclonal antibody (mAb), as a part of its differentiated lymphodepletion regimen.

The company's EVP of R&D and Chief Medical Officer Rafael G. Amado, M.D., commented, "As we look ahead to the end of the month to the virtual ASCO meeting, we are excited to present initial clinical data from our first-in-human study of ALLO-501 and ALLO-647...These findings will provide an early glimpse into the potential of our AlloCAR T pipeline and ALLO-647 based lymphodepletion strategy, which we believe will be foundational in driving the future success and broad applicability of AlloCAR T therapies."

The company advised that the ASCO abstract includes the initial data for the first nine subject patients treated with escalating doses of ALLO-501 and lower dose ALLO-647 and noted that no dose limiting toxicities or graft-vs-host disease was observed in the preliminary results.

The firm explained that its virtual presentation to the ASCO will include data on 11 patients across ALLO-501 cell dose cohorts and lower dose ALLO-647 patients and will also include those patients treated with ALLO-501 and the higher dose ALLO-647. The company indicated that it is continuing to enroll patients in the Phase 1 ALPHA study with higher dose ALLO-647 in an effort to optimize lymphodepletion.

Allogene advised that the Phase 1 trial is designed to assess the safety and tolerability at increasing dose levels of ALLO-501 and ALLO-647 in patients with relapsed/refractory diffuse large B-cell lymphoma and follicular lymphoma.

The company stated that "it expects to initiate enrollment in ALPHA2, a Phase 1 trial with abbreviated dose escalation of ALLO-501A, in Q2/20 and noted that ALLO-501A is the next generation of ALLO-501, which eliminates the rituximab recognition domains, and it is intended for Phase 2 development."

Allogene reported that "its AlloCAR T programs utilize Cellectis technologies and that ALLO-501 is an anti-CD19 allogeneic CAR T (AlloCAR T™) therapy being jointly developed under a collaboration agreement between Servier and Allogene based on an exclusive license granted by Cellectis to Servier."

Allogene Therapeutics is a clinical-stage biotechnology company based in South San Francisco, Calif., that is engaged in developing allogeneic chimeric antigen receptor T cell (AlloCAR T™) therapies for cancer. The firm mentioned it is building "a pipeline of "off-the-shelf" CAR T cell therapy candidates with the goal of delivering readily available cell therapy on-demand, more reliably, and at greater scale to more patients."

Servier is an international pharmaceutical company headquarters in Suresnes, France. The company stated that it employs 22,000 people globally in 149 countries and posted total revenues of 4.6 billion euros in 2019. The firm reported that it invests 25% of its total revenues on average in research and development and focuses its efforts in the areas of cardiovascular, immune-inflammatory and neurodegenerative diseases, cancer and diabetes and additionally is active in commercializing high-quality generic drugs.

Allogene Therapeutics began the day with a market capitalization of around $3.9 billion with approximately 125.3 million shares outstanding and a short interest of about 10.5%. ALLO shares opened 17% higher today at $36.34 (+$9.32, +17.30%) over yesterday's $30.98 closing price and reached a new 52-week high price this morning of $41.74. The stock has traded today between $35.77 and $41.74 per share and is currently trading at $40.98 (+$10.01, +32.30%).


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