Why Did Alpha Tau Medical (DRTS) Shares Jump Over 25% In After-Hours Trading?
Alpha Tau Medical Ltd. (NASDAQ:DRTS) shares climbed 25.26% in after-hours trading to $5.30, after the company announced the first patient treatment in its pilot study for recurrent glioblastoma multiforme using its Alpha DaRT alpha-radiation cancer therapy.
Check out the current price of DRTS stock here.
First Brain Cancer Treatment With Alpha DaRT
The Jerusalem-based company announced on Tuesday that the first patient received treatment at The Ohio State University Center in Columbus, Ohio.
The procedure was carried out using a delivery method intended for intracranial use by a multidisciplinary team headed by Principal Investigator and Radiation Oncologist Joshua D. Palmer, Medical Physicist Michael Degnan, and Neurosurgeon J. Bradley Elder.
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FDA Breakthrough Device Status
Uzi Sofer, CEO of Alpha Tau Medical, stated the pilot study supports the company's strategy to treat cancer patients with high unmet needs.
To accelerate the marketing of Alpha DaRT treatment, the company was granted Food and Drug Administration Breakthrough Device Designation and accepted into the FDA’s Total Product Life Cycle Advisory Program, a voluntary pilot program intended to promote innovative medical device development through early FDA engagement.
Clinical Trial Details
Dr. Elder reported that the novel delivery device enabled placement of Alpha DaRT sources in a precise radial configuration, achieving over 95% coverage of the tumor volume.
Dr. Palmer stated, "Patients with recurrent glioblastoma face one of the most difficult cancer diagnoses in medicine. There is an urgent unmet need for new therapeutic approaches that can be delivered locally while minimizing harm to surrounding healthy brain tissue."
Trading Metrics
DRTS shares have gained 39.60% over the past year.
The oncology therapeutics company has a market capitalization of $363.47 million, with an annual range of $2.30 to $4.69.
Price Action: According to Benzinga Pro data, Alpha Tau Medical closed on Tuesday at $4.23, up 8.74%.
With a Momentum in the 79th percentile, Benzinga’s Edge Stock Rankings indicate that DRTS is experiencing short-term consolidation along with medium and long-term upward movement. Know how its momentum lines up with other well-known names.
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Image via Shutterstock/ Zakharchuk
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.