Evaxion’s stock soars after getting FDA approval for mid-stage cancer trial

U.S.-listed shares of Evaxion Biotech A/S jumped about 17% in premarket trading on Tuesday after the company said the Food and Drug Administration has allowed a Phase 2b clinical trial testing its experimental cancer vaccine to move forward. The study is evaluating Evaxion’s EVX-01 in combination with Merck & Co. Inc.’s Keytruda as a treatment for metastatic melanoma in Australia, Europe, and the U.S. Erik Heegaard, Evaxion’s chief medical officer, said the FDA’s decision “is an important step towards demonstrating a clinically meaningful benefit of our first personalized cancer vaccine.” The company’s stock has declined 61.2% over the past 12 months, while the broader S&P 500 is down 19.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.