Why Kura Oncology Stock Is Moving Higher Tuesday Morning

Kura Oncology Inc KURA shares are trading higher Tuesday after the company announced the FDA clearance of its Investigational New Drug application for KO-2806.

What To Know: KO-2806 is Kura's next-generation farnesyl transferase inhibitor for the treatment of advanced solid tumors. The company plans to assess safety, tolerability and preliminary antitumor activity of KO-2806 in a Phase 1 first-in-human study as a monotherapy, as well as in combination with other targeted therapies.

"Over the past several years, we have pioneered the development of farnesyl transferase inhibitors as combination agents to prevent or delay emergence of resistance to certain classes of targeted therapy. Clearance of the IND for KO-2806 marks an important next step for this program, and we look forward to starting the Phase 1 study later this year," said Troy Wilson, president  and CEO of Kura.

Following completion of the dose escalation as a monotherapy, Kura plans to evaluate KO-2806 in dose escalation combination cohorts in advanced solid tumors. The company expects to initiate the Phase 1 study in the third quarter.

Kura is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer.

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KURA Price Action: Kura has a 52-week high of $19.93 and a 52-week low of $10.41.

The stock was up 7.37% at $15 at time of publication, according to Benzinga Pro.

Photo: fernando zhiminaicela from Pixabay.