Shares of Kura Oncology Inc. rocketed 26% in premarket trade Friday, after the biopharmaceutical company announced positive results from a phase 2 study of its cancer treatment. The company said late Thursday that its lead product candidate, tipifarnib, for the treatment of HRAS mutant relapsed or refractory squamous cell carcinomas of the head and neck (HNSCC) achieved its primary endpoint. “We have observed rapid and, in some cases, dramatic responses in patients with relapsed and/or refractory HNSCC who do not appear to benefit from other therapies,” said Chief Medical Officer Antonio Gualberto. “Based on these very encouraging results, we are exploring available options to advance the development of tipifarnib in this patient population as quickly as possible.” The stock had tumbled 18% over the past three months through Thursday, while the iShares Nasdaq Biotechnology ETF had soared 14% and the S&P 500 had gained 1.3%.
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