Clinical stage oncology firm Ayala Pharmaceuticals Inc (OTCMKTS:ADXS) was one of the companies to have come into the news cycle this past Friday following a key announcement. The company announced that the Independent Data Monitoring Committee (IDMC) concerning the Phase 2/3 of the RINGSIDE study into its product AL102 had completed a prespecificed review of the data and recommended that the study could continue without any changes.
On Friday, ADXS stock increased 19.31% to $1.7300 with more than 8.82K shares, compared to volume of 8.26K shares. The stock moved within a range of $1.2800 – 1.7300 after opening trade at $1.2800.
Ayala Pharmaceuticals Announces Continuation of RINGSIDE Phase 2/3 Study in Desmoid Tumors Following Recommendation of Independent Data Monitoring Committee
The product in question is being tested on desmoidtumors. It was a significant new development for the company and one that could be seen as a major new positive by investors. It is going to be interesting to see if the stock comes on to the radars of investors today following the announcement.
The President and Chief Executive Officer of Ayala Ken Berlin spoke about the development as well. He thanked the members of the IDMC for the work that they had put in and for the guidance they provided to Ayala.
He added that everyone at the company was pleased at the recommendation that no changes had been suggested to the process. Berlin further added that the company had also started the enrolment process for the Phase 3 portion of the RINGSIDE on a global level.