Benzinga | Jun 22, 2021 06:50AM EDT

Inhibrx Launches Mid-Stage Bone Cancer Study With INBRX-109, Amends Loan Agreement With Oxford

* Inhibrx Inc (NASDAQ:INBX) has initiated a potential registration-enabling Phase 2 study of INBRX-109 in conventional chondrosarcoma, a type of bone cancer that develops in cartilage cells.

* The primary objective is to evaluate the anticancer efficacy of INBRX-109, as measured by progression-free survival.

* Patients with disease progression on placebo will be able to crossover to INBRX-109. An interim analysis will occur after 50% of the planned PFS events are observed.

* Additionally, Inhibrx's loan agreement with Oxford Finance was amended, and it received $40M in additional principal on June 18.

* Inhibrx also provided updated results from an ongoing Phase 1 trial of INBRX-109 in chondrosarcoma.

* Additional data will be presented at the Annual Connective Tissue Oncology Society Conference in November. Disease control was observed in 14 of 16 patients (87.5%). Two patients achieved partial responses, and 12/16 patients had stable disease. Based on preliminary results of the ongoing Phase 1 study, the median progression-free survival is 7.6 months, and the median overall survival has not been reached. Three patients have exceeded 52 weeks on treatment with INBRX-109, with 62 weeks being the most prolonged duration of stable disease observed to date, with the patient still on study. The safety and tolerability profile was favorable, with only 1/16 patients experiencing a transient low grade and a fully reversible sign of hepatotoxicity. The trial is ongoing, with an additional 12 slots added for patients with IDH1 or IDH2 mutations.

* Price Action: INBX shares closed at $26.33 on Monday.