Pyxis gains on FDA nod to start two Phase 1 trials for cancer drugs

Development-stage biotech Pyxis Oncology (NASDAQ:PYXS) announced Thursday that the FDA cleared two of its Investigational New Drug (IND) applications permitting the company to start Phase 1 trials for cancer candidates PYX-201 and PYX-106.
Pyxis (PYXS) shares added ~16% pre-market in reaction to the news.
Accordingly, antibody-drug conjugate PYX-201 will enter a clinical study designed to evaluate its effect as a potential treatment for several solid tumors, including breast, head and neck, lung, and thyroid cancer.
Meanwhile, immunotherapy PYX-106 will be studied for solid tumors, including bladder, cholangiocarcinoma, colorectal, and kidney cancer.
Additionally, Pyxis (PYXS) management disclosed that the company’s cash runway extended into H1 2025, and both studies are expected to start in early 2023.
In early November, along with its Q3 financials, the company reported $200M in cash (including restricted cash) as of Sep. 30.