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Ahead of the Bell: Kite Pharma shares jump

August 26, 2014

The Associated Press

Shares of Kite Pharma surged before markets opened Tuesday after the drug developer detailed promising results for its most advanced product, a potential treatment for an aggressive form of non-Hodgkin's lymphoma.

Kite said 12 of 13 patients treated in an early-stage study of the drug had either complete or partial remission of the disease after taking its treatment, labeled KTE-C19. The drug aims to genetically modify patient cells to help fight lymphoma and leukemia cells.

Non-Hodgkin's lymphoma is a type of cancer that affects white blood cells.

In the trial conducted by the surgery branch of the National Cancer Institute, eight patients wound up in complete remission and another four had partial remission. Kite, which has no products on the market, funded the study.

Results have been published in the Journal of Clinical Oncology.

Kite Pharma Inc. held an initial public offering of its stock in June. The shares closed at $29 on their first day and then climbed above $30 but sank soon afterward.

Shares rose more than 18 percent, or $4.15, to $26.45 in premarket trading on Tuesday.

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Source: Associated Press

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