Pre-Market: Redhill Biopharma Gets $2 Mln National Cancer Institute Grant For Myeloma Study

Redhill Biopharma (RDHL) said it has received a $2 million grant from the National Cancer Institute to support its phase 2 study of Yeliva for refractory or relapsed multiple myeloma, to be initiated by RedHill at Duke University Medical Center by the end of 2015.
The study is expected to enroll up to 77 patients who have previously been treated with proteasome inhibitors and immunomodulatory drugs.

The primary objectives of the first portion of the study (Phase Ib) are to assess safety and determine the maximum tolerated dose in this group of patients. Secondary objectives include assessment of antitumor activity and determination of the pharmacokinetic (PK) and pharmacodynamic (PD) properties of Yeliva in refractory or relapsed multiple myeloma patients.

RDHL ADRs closed higher 5.2% on Tuesday, in the lower half of the 52-week range between $6.89 and $22.22. It was inactive in recent pre-market trade.