What's Going On With Harpoon Therapeutics Stock Monday?

Harpoon Therapeutics Inc HARP shares are trading higher Monday after the company announced updated data from a trial evaluating its cancer drug.

What Happened: Over the weekend, Harpoon highlighted updated interim monotherapy data from its Phase 1/2 clinical trial evaluating HPN328 in small cell lung cancer.

The company said HPN328, which is designed to recruit a patient's own immune cells to kill tumors, was generally well tolerated across all cohorts in the study and showed a confirmed response rate of 35% across all tumor types, including three confirmed completed responses. 

"The interim data provides a solid foundation for the next steps in our future clinical development plans for HPN328, underscoring its potential to serve patients with high unmet medical needs," said Luke Walker, chief medical officer of Harpoon.

"It enables us to rapidly move towards identifying the recommended Phase 2 regimen(s) in the monotherapy setting by the end of this year and supports the initiation of potential registrational studies in multiple tumor types in 2024."

On Monday, Harpoon announced a private placement of PIPE equity of up to $150 million. The private placement is expected to result in initial gross proceeds of $100 million with an additional $50 million available upon exercise of warrants. 

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HARP Price Action: Harpoon shares were up 9.74% at $7.55 at the time of publication, per Benzinga Pro. The stock was trading significantly higher before the private placement was announced. 

Photo: 3844328 from Pixabay.