After TIGIT inhibitor TIGIT inhibitor passes interim data check, iTeos tees up $120M offering

2024-05-10

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Shares of iTeos Therapeutics jumped more than 40% Friday after the biotech shared that its anti-TIGIT antibody belrestotug (EOS-448), in combination with GSK’s PD-1 inhibitor Jemperli (dostarlimab), surpassed an interim efficacy bar in a Phase II lung cancer trial.

The positive efficacy signal prompted iTeos to announce a $120-million registered direct offering, led by existing investors RA Capital Management and Boxer Capital. The company will share about 1.1 million shares at $17.50 a piece – a 44% premium to its close on May 9 – along with pre-funded warrants for up to 5.7 million additional shares at the same price.

Specifically, an interim assessment in the GALAXIES Lung-201 study in patients with PD-L1-high, first-line non-small-cell lung cancer (NSCLC) “exceeded pre-defined efficacy criteria for clinically relevant activity with clinically meaningful tumour reduction.” The combination also had an “acceptable” safety profile. The company plans to share the interim data next half.

“We believe this early interim assessment supports our view that quality of components matters and that our TIGIT/PD-1 doublet has the potential to deliver differentiated clinical data,” CEO Michel Detheux said.

Enthusiasm for TIGIT inhibitors TIGIT inhibitors began to wane in 2022 after Roche’s tiragolumab had a series of clinical misses in lung cancer, but an accidental data reveal last year – showing a positive overall survival trend in a Phase III NSCLC study – may have renewed hope for the immunotherapy target. For more, see Spotlight On: Roche inadvertently offers modest but major glimmer of TIGIT hope.

Detheux told FirstWord last year that iTeos’ antibody screening tests suggest belrestotug is highly differentiated from other clinical TIGIT inhibitors TIGIT inhibitors, and could be applied across multiple different combinations. For more on that conversation, see Spotlight On: iTeos’ intriguing TIGIT play.

Detheux’s comments match the company’s wide-ranging clinical strategy for belrestotug. The TIGIT and Jemperli doublet is in at least four other clinical trials across NSCLC, head and neck squamous cell carcinoma (HNSCC) and advanced solid tumours; in some studies, a CD96 or PVRIG inhibitor is added to the combination.

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