Oncology outlook: ASX small caps driving innovation in cancer treatment

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The global oncology drug market, valued at USD 231.56 billion in 2024, is expected to grow to USD 532.91 billion by 2031, driven by demand for targeted therapies, biomarker-based treatments, and immunotherapies.
Several ASX-listed companies are contributing to this innovation:
Arovella Therapeutics Ltd: Developing its invariant Natural Killer T (iNKT) cell therapy platform to treat blood cancers and solid tumours. Lead product ALA-101 uses CAR19-iNKT cells to target the CD19 antigen. The company recently raised $20 million to fund a phase 1 trial for CD19-positive blood cancers.
Race Oncology Ltd: Focused on its lead asset, bisantrene, a small-molecule chemotherapeutic with reduced cardiotoxicity. A reformulated version, RC220, is being developed to meet unmet oncology needs.
Imugene Ltd: Advancing immuno-oncology therapies, including azer-cel, an off-the-shelf CAR T therapy targeting CD19 for blood cancers, B-cell vaccine candidates, and CF33 oncolytic virotherapy, which combines engineered viruses with immunotherapies for solid tumours.
Prescient Therapeutics Ltd: Developing personalised cancer treatments with technologies from institutions like Yale and Oxford. Lead drug PTX-100 has FDA Orphan Drug Designation for T-cell lymphomas. Its OmniCAR and CellPryme platforms enhance CAR-T therapies for improved efficacy and adaptability.
These companies exemplify the growth and innovation occurring within the oncology sector.
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Category
Oncology
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