Benzinga | Mar 31, 2021 10:14AM EDT

Affimed To Study AFM24/SNK-01 Combo In Solid Tumor Settings

* The FDA has signed off an investigational new drug application for Affimed NV (NASDAQ: AFMD) and NKMax America co-sponsored Phase 1/2a dose escalation and expansion study to evaluate AFM24 and SNK-01 in EGFR-expressing solid tumors.

* The Phase 1/2a study will be an open-label, non-randomized, multi-center, US-only, dose-escalation trial to evaluate the combination, with the primary objective to establish the safety and the recommended Phase 2 dose.

* The Phase 1 part will also assess pharmacokinetics, pharmacodynamics, and preliminary activity.

* The Phase 2a portion of the study will evaluate the preliminary efficacy of AFM24 in patients with select solid tumor subtypes.

* Credit Suisse analyst Brad Canino initiates coverage on Affimed with an Outperform rating and a Price Target of $15.

* Price Action: AFMD shares are up 6.5% at $7.82 in the market trading session on the last check Wednesday.