Forty Seven (FTSV) On A Roll, Up Over 300% In 2 Months

(RTTNews) - Shares of Forty Seven Inc. (FTSV) have been on a roll ever since the Company presented updated clinical data from its ongoing phase Ib trial evaluating Magrolimab in combination with Azacitidine for the treatment of myelodysplastic syndrome and acute myeloid leukemia last December.

Magrolimab (formerly Hu5F9 G4) is a humanised monoclonal antibody targeting CD 47, a transmembrane protein overexpressed in many types of cancer.

The updated clinical data from the ongoing phase Ib trial of Magrolimab demonstrated an overall response rate (ORR) of 92% and a complete response rate of 50% in untreated patients with higher-risk myelodysplastic syndrome. In untreated acute myeloid leukemia patients, Magrolimab demonstrated an ORR of 64% and a complete response rate of 41%.

This ongoing phase Ib trial evaluating Magrolimab in combination with Azacitidine for the treatment of myelodysplastic syndrome and acute myeloid leukemia is expected to complete enrollment of approximately 90 patients in the third quarter of 2020. The updated data from this trial is expected to be reported in mid-2020.

The Company plans to initiate a phase III trial evaluating Magrolimab in combination with Azacitidine against Azacitidine alone in untreated, higher-risk myelodysplastic syndrome, dubbed ENHANCE, in the second quarter of 2020.

A phase Ib trial of Magrolimab in combination with Avelumab in patients with ovarian cancer, and a phase Ib/II trial of Magrolimab in combination with Cetuximab in patients with colorectal cancer are underway. Initial data from the colorectal cancer trial is expected to be presented at the ASCO Gastrointestinal Cancers Symposium (ASCO-GI), held January 23-25, 2020 while the initial data from the ovarian cancer trial are expected to be reported at the ASCO-SITC Clinical Immuno-Oncology Symposium, held February 6-8, 2020.

Forty Seven plans to initiate a phase III trial evaluating Magrolimab and Rituximab in heavily pre-treated relapsed or refractory Diffuse Large B-Cell Lymphoma patients this quarter (Q1, 2020).

Also in the pipeline are two early-stage compounds - FSI 174, a humanized anti-cKIT antibody, for conditioning bone marrow for haematopoietic stem cell transplantation in patients with haematological malignancies, and FSI-189, an anti-SIRPa antibody, for the treatment of cancer, as well as certain non-oncology conditions including transplantation conditioning.

The Company plans to initiate a phase I clinical trial of FSI-174 in healthy volunteers this quarter (Q1, 2020).

A partnership was signed between Forty Seven and bluebird bio (BLUE) last November to evaluate FSI-174 plus Magrolimab in combination with autologous lentiviral vector hematopoietic stem cell gene therapy.

As for FSI-189, the Company expects to file an investigational new drug application with the FDA this quarter, and initiate a phase I trial for the treatment of cancer in the second quarter of 2020.

Forty Seven had cash, cash equivalents and short-term investments of $329.1 million on December 31, 2019, which is expected to be sufficient to fund operations into the first quarter of 2022.

Forty Seven went public on the Nasdaq Global Select Market on June 28, 2018, offering its shares at a price of $16 each. FTSV has traded in a range of $5.53 to $49.50 in the last 1 year.

The stock closed Friday's trading at $45.74, up 11.15%.