How did Gritstone Bio, a small rock stock focused on cancer vaccines, move on Tuesday?

This Tuesday.Gritstone Bio Inc (NASDAQ Resonance: GRTS) released preliminary data from the Phase 2 portion of the ongoing Phase 2/3 signal-seeking study evaluating the therapeutic efficacy of the personalized neoantigen cancer vaccine, GRANITE, in first-line metastatic microsatellite-stabilized colorectal cancer (MSS-CRC).

The study was designed to quantify the clinical benefit of GRANITE (GRT-C901/GRT-R902) combined with immune checkpoint blockade and maintenance therapy with fluoropyrimidine/bevacizumab versus fluoropyrimidine/bevacizumab alone.

Total aggregate Progression Free Survival (PFS) data showed a trend toward early benefit in GRANITE patients with a hazard ratio of 0.82, and prolonged PFS benefit in high-risk patients with a hazard ratio of 0.52, who had more rapid progression of disease.

Circulating tumor DNA (ctDNA) analyses performed several months after treatment showed the expected association between GRANITE and disease progression, while short-term ctDNA response analyses did not show differences between study arms.

Gritstone bio produced a GRANITE candidate for each eligible patient (i.e., a vaccine production success rate of 100%).

GRANITE has a favorable safety and tolerability profile. Common AEs are mild systemic and compartmentalized reactions that are usually associated with any strong vaccine (e.g., transient influenza-like illness). No patients have discontinued study treatment due to AE.

Meanwhile, on Monday, Gritstone bio priced an underwritten public offering of approximately $32.5 million for 8.33 million shares and accompanying common warrants to purchase 8.33 million shares at a consolidated price of $1.50.

Last month, Gritstone Biologics announced layoffs of approximately 40%.

This follows the recently announced postponement of the proposed Phase 2b CORAL study, which has resulted in Gritstone being unable to secure the previously anticipated external funding associated with initiating the study from the first quarter of 2024.

Price Trend:Shares of GRTS were down 43% at $1.34 on Tuesday.

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This article originally appeared on Benzinga.com, Koban Cancer Vaccine Stocks What's Gritstone Bio Doing Tuesday?

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