Key Takeaways

• IDEAYA Biosciences reported positive results from a Phase 2 trial of its experimental drug to treat certain bladder and small-cell lung cancers on Monday, and shares soared in intraday trading.

• The once-a-day tablet IDE397 helped patients with MTAP-deletion solid cancers.

• The company noted there are no Food and Drug Administration (FDA)-approved drugs for those who have MTAP-deletion solid tumors.

Shares of IDEAYA Biosciences (IDYA) took off in intraday trading Monday after the biotech announced positive results in a mid-stage study of its treatment for certain bladder and small-cell lung cancers.

The company said its Phase 2 trial of IDE397 worked for patients with methylthioadenosine phosphorylase (MTAP)-deletion solid cancers. IDEAYA reported a 94% disease control rate, and 78% of patients had tumor shrinkage while taking the 30mg, once-a-day tablet.

The company noted that there currently are no Food and Drug Administration (FDA)-approved treatments for MTAP-deletion solid tumors. It estimates that some 48,000 people in the U.S. suffer from MTAP-deletion bladder and small-cell lung cancers.

IDEAYA 'Highly Encouraged' by Results

Chief Medical Officer Dr. Darrin Beaupre explained that IDEAYA is “highly encouraged” by the results, and that IDE397 “has the potential to enable longer duration dosing as well as combinations.”

The report lifted shares of IDEAYA Biosciences up more than 13% to $38.86 as of 12:05 p.m. ET and into positive territory for the year.

Read the original article on Investopedia.