Shares of Tempest Therapeutics rose more than sevenfold in premarket trading Wednesday after the clinical-stage oncology company reported positive study results for its TPST-1120 drug candidate in the most common type of primary liver cancer and adopted a shareholder rights plan.
The Brisbane, Calif., company said the data include a confirmed objective response rate of 30% for the TPST-1120 triplet arm, compared with 13.3% for the Avastin/Tecentriq control arm. Tempest also on Wednesday said its board adopted a limited-duration stockholder rights plan, also known as a"poison pill," with a 10% trigger.
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