Shares of Oncolytics Biotech ONCY rallied 18.2% on Friday after the company announced that it is seeking an accelerated pathway for the approval of its lead developmental candidate, pelareorep, for the metastatic breast cancer (mBC) indication. The stock is also gaining today.
Pelareorep follows a unique mechanism of action, different from currently available therapeutics for this indication. It selectively targets cancer cells, triggering a cascade of inflammatory responses (which include PD-L1 upregulation and enhanced T-cell infiltration) that help the immune system eliminate the tumor while leaving healthy tissue unharmed.