Tango jumps on $225M funding and trial data for cancer drug

[Cancer cell view]

Tango Therapeutics (NASDAQ:TNGX [https://seekingalpha.com/symbol/TNGX]) added ~15% in the premarket on Thursday after the oncology-focused biotech announced an early-stage trial readout for its anticancer agent vopimetostat (TNG462) in conjunction with a financing round worth $225M. [https://seekingalpha.com/news/4507412-tango-therapeutics-rises-on-225m-financing]

Citing a Sept. 1 data cut, Tango (TNGO) said that a Phase 1/2 study of vopimetostat in solid tumor patients whose cancers expressed a homozygous MTAP deletion indicated a 27% objective response rate. The analysis was based on results from 16 cancer types with a median follow-up of 9.4 months.

The Boston, Massachusetts-based biotech added that in MTAP-deleted pancreatic cancer, vopimetostat as a second-line option led to a median progression-free survival of 7.2 months with an ORR of 25% and a median follow-up of 7.8 months.

At the 250 mg QD dose, vopimetostat was generally tolerated in line with previously reported data, the company noted.

Following discussions with the FDA, the latter readouts have prompted Tango (TNGO) to launch a pivotal trial next year for the oral, once-daily therapy as a second-line option in MTAP-del pancreatic cancer at 250 mg QD dosing. [https://seekingalpha.com/pr/20276888-tango-therapeutics-reports-positive-data-from-ongoing-phase-1-2-study-with-vopimetostat]

"We anticipate that this study will enroll rapidly, underscoring the potential for vopimetostat to be the first MTAP-selective PRMT5 inhibitor to market," added CEO Barbara Weber.

MORE ON TANGO THERAPEUTICS

* Tango Therapeutics rises on $225M financing [https://seekingalpha.com/news/4507412-tango-therapeutics-rises-on-225m-financing]
* Summit draws Neutral view on risk/reward setup as Piper initiates biotech cancer names [https://seekingalpha.com/news/4487168-summit-stock-gets-neutral-view-piper-sandler]
* Seeking Alpha’s Quant Rating on Tango Therapeutics [https://seekingalpha.com/symbol/TNGX/ratings/quant-ratings]
* Historical earnings data for Tango Therapeutics [https://seekingalpha.com/symbol/TNGX/earnings]
* Financial information for Tango Therapeutics [https://seekingalpha.com/symbol/TNGX/income-statement]