TRACON Pharmaceuticals Inc. ($TCON) stock jumped in its Tuesday trading session as the company announced entering into an agreement with the U.S. Food and Drug Administration (FDA) under a Special Protocol Assessment (SPA) for the protocol design, clinical endpoints and statistical analysis approach for its Phase 3 study evaluating TRC105 for the treatment of patients with advanced angiosarcoma.
The company said that the agreement is an important milestone as it will help in designing a clear direction for TRC105. TRACON Pharmaceuticals is looking to start enrolling patients for the trial scheduled to be held during early 2017.
TRACON Pharmaceuticals recently reported its financial results for the third quarter. The company earned $0.8 million in collaboration revenue while its research and development expenses for the quarter stood at $4.5 million.
The company stock had a rocky time in 2016 as it lost over 42% of its value. However, the company may recoup some of these losses in 2017 as it has a solid pipeline and prospects in the new year. TRACON Pharmaceuticals had entered into a strategic agreement with Janssen Pharmaceutica N.V. for two novel oncology assets from Janssen’s early development portfolio.
Its another collaboration with Johnson & Johnson Innovation lead to the infusion of $5 million funds in 2016. The company is likely to benefit from these developments, leading to potential upside to its stock price.