Veru shares surge 35% on Monday morning.

Veru Shares Surge 35% on Monday Morning

Veru Inc., a biopharmaceutical company, saw its shares surge by 35% on Monday morning, following the announcement of positive results from its Phase 2 clinical trial for its prostate cancer drug, VERU-111.

The trial, which involved 22 patients with metastatic castration-resistant prostate cancer, showed that VERU-111 was well-tolerated and demonstrated promising anti-tumor activity. The drug works by targeting microtubules, which are essential for cell division and growth, and disrupting the formation of new blood vessels that feed tumors.

The results of the trial are significant, as there are currently limited treatment options for patients with metastatic castration-resistant prostate cancer, which is a particularly aggressive form of the disease that has spread beyond the prostate gland and is resistant to hormone therapy.

Veru CEO, Dr. Mitchell Steiner, commented on the positive results, stating, “We are very encouraged by the data from this Phase 2 trial, which supports the potential of VERU-111 as a new treatment option for patients with metastatic castration-resistant prostate cancer. We look forward to advancing the development of this drug and bringing it to market as soon as possible.”

The news of the positive trial results and the surge in Veru’s share price is a welcome development for the company, which has faced challenges in recent years. In 2019, Veru’s share price plummeted by over 50% following disappointing results from a Phase 3 clinical trial for its female contraceptive gel, Tamsulosin DRS.

However, the company has since shifted its focus to its oncology pipeline, which includes VERU-111 and another drug, VERU-100, which is being developed for the treatment of breast cancer.

Veru’s success in the Phase 2 trial for VERU-111 is a testament to the company’s commitment to developing innovative treatments for cancer patients. With the promising results from this trial, Veru is well-positioned to continue its growth and make a significant impact in the fight against cancer.