What Caused Evaxion (EVAX) Stock to Drop Nearly 8% Pre-Market?

After gaining momentum in the last session for reaching a milestone, Evaxion Biotech A/S shares (Nasdaq: EVAX) were down -8.15% at $2.14 at pre-market. In the last session, EVAX closed at $2.33, up 22.63% or $0.43, fluctuating between $2.15 and $3.5199.

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EVAX has achieved what milestone?

Today, Evaxion (EVAX) announced that the Company had enrolled its first patient in a global phase 2b clinical trial of its custom-made melanoma treatment, EVX-01.

  • EVAX is testing EVX-01’s efficacy and safety in adults with metastatic melanoma in its first phase 2b clinical trial.
  • Trial sites are spread across the US, Europe, and Australia in collaboration with Merck & Co., Inc., which is providing KEYTRUDA, a PD-1 inhibitor.
  • KEYTRUDA and EVX-01 will be administered to patients enrolled in the phase 2b clinical trial in combination with standard of care treatment.
  • Merck will supply the required KEYTRUDA and Evaxion will conduct the trial.
  • Merck and Evaxion will continue to collaborate as the data matures.

How did EVAX’s trial turn out?

  • EVX-01 is new personalized cancer immunotherapy developed by Evaxion using its PIONEER AI technology.
  • According to data from EVX-01’s Phase 1/2a clinical trial, 67% of nine patients with metastatic melanoma benefited from EVX-01 in combination with PD-1 inhibitors (KEYTRUDA), in contrast to historical data of only 40% benefiting from PD-1 inhibitors alone.
  • EVX-01 in combination with a PD-1 inhibitor (KEYTRUDA) achieved a complete response in 22% of the Phase 1/2a clinical trial patients.
  • Clinical trial Phase 2b of EVAX has now enrolled its first patient.

How EVAX will be benefitted?

Advancing EVX-01 into the next phase of clinical development will help EVAX develop more effective treatments for malignant melanoma patients. As part of the phase 2b trial, Evaxion is addressing a major unmet medical need in a market worth more than a billion dollars. With Merck collaborators, Evaxion (EVAX) will further validate the promising melanoma data generated in its phase 1/2a study, which may lead to melanoma treatment landscape improvements, as well as other cancer treatments. It is anticipated that EVAX will release interim topline data in H2 of 2023.