Welcome to our dedicated page for Surface Oncology news (Ticker: SURF), a resource for investors and traders seeking the latest updates and insights on Surface Oncology stock.
Surface Oncology, Inc. (NASDAQ: SURF) is a clinical-stage immuno-oncology company pioneering the development of next-generation cancer immunotherapies. Founded on cutting-edge research from world-renowned immunologists and cancer researchers from institutions like Memorial Sloan Kettering and Harvard, Surface Oncology aims to harness the power of the immune system to fight cancer more effectively.
The company's innovative pipeline is focused on the tumor microenvironment, featuring two wholly-owned antibody programs: SRF388 and SRF114. SRF388 targets IL-27, an immunosuppressive cytokine, and is currently in Phase 2 clinical trials. It has shown promise as both a monotherapy and in combination with checkpoint inhibitors, and has been granted Orphan Drug and Fast Track designations by the FDA for refractory hepatocellular carcinoma. SRF114, in Phase 1 trials, specifically depletes CCR8+ regulatory T cells within the tumor microenvironment, aiming to drive anti-tumor immunity.
Surface Oncology has also established significant partnerships with major pharmaceutical companies, including Novartis and GlaxoSmithKline, to advance additional pipeline programs. Their collaboration with Novartis targets CD73 (NZV930), currently in Phase 1, while their partnership with GlaxoSmithKline focuses on PVRIG (GSK4381562), also in Phase 1.
Recently, Surface Oncology completed a $35 million Series A financing round, bolstered by A-list investors such as Atlas Venture, New Enterprise Associates, Fidelity Biosciences, Lilly Ventures, Amgen Ventures, Novartis Institute for Biomedical Research, and former Bristol-Myers Squibb R&D head Elliott Sigal. The company has used these funds to advance its clinical programs and explore new therapeutic avenues.
In a significant development, Surface Oncology has announced a proposed merger with Coherus BioSciences. This merger aims to combine resources to advance SRF388 and SRF114 through clinical trials and eventually to market. The merger is expected to provide Surface with net cash of $20 million to $25 million at closing, although the outcome is contingent on shareholder approval.
Financially, Surface Oncology reported a net loss of $28.2 million for the second quarter of 2023. The company anticipates that its cash reserves will sustain operations through the end of 2023. Amidst these developments, Surface continues to focus on its core mission: to develop innovative, next-generation cancer treatments that offer meaningful and sustained anti-tumor responses.
Surface Oncology (Nasdaq: SURF), a clinical-stage immuno-oncology company, announced CEO Rob Ross will speak at two investor conferences. The first is a fireside chat at Cowen's 3rd Annual Virtual Oncology Innovation Summit on June 2, 2022, at 10 a.m. ET, followed by a corporate presentation at the Jefferies Healthcare Conference on June 9, 2022, at 11 a.m. ET. Both events will be available via live audio and archived webcast on the company's website.
Surface Oncology focuses on developing antibody therapies targeting the tumor microenvironment, with a pipeline that includes clinical-stage programs targeting CD39 and IL-27.
Surface Oncology (Nasdaq: SURF) presented new data on SRF388, a first-in-class IL-27 antibody, indicating clinical activity in multiple solid tumors. Three confirmed partial responses were recorded in non-small-cell lung cancer (NSCLC), renal cell carcinoma (RCC), and hepatocellular carcinoma (HCC). SRF388 also demonstrated a favorable safety profile in a Phase 1 trial, prompting plans for a new expansion study in combination with pembrolizumab for relapsed/refractory NSCLC.
Data from additional cohorts are expected in early 2023.
Surface Oncology (Nasdaq: SURF), a clinical-stage immuno-oncology company, announced that CEO Rob Ross will participate in two investor conferences. The events include a fireside chat at the UBS Global Healthcare Conference on May 23, 2022, at 2:45 p.m. ET in New York City, and a corporate presentation at the H.C. Wainwright Global Investment Conference, available on-demand starting May 24, 2022, at 7 a.m. ET. Archived webcasts for these events can be found on the company's website.
Surface's pipeline features clinical-stage programs targeting CD39 and IL-27.
Surface Oncology (SURF) reported a strong start to 2022, achieving a $30 million milestone from GlaxoSmithKline and raising $21 million through its ATM facility. With cash reserves of $150.4 million as of March 31, 2022, the company has extended its cash runway into 2024. Notable clinical advancements include the initiation of two Phase 2 studies for SRF388 aimed at treating first-line hepatocellular carcinoma (HCC) and presentations at the upcoming ASCO Annual Meeting. The net income for Q1 2022 stood at $6.2 million, reflecting progress compared to a $15.6 million loss in Q1 2021.
Surface Oncology (Nasdaq: SURF) announced the grant of non-qualified stock options to five new employees, allowing the purchase of 50,000 shares at an exercise price of $2.33, based on the stock’s closing price on May 2, 2022. This grant is part of the 2021 Inducement Plan, aligning with Nasdaq Listing Rule 5635(c)(4). The stock options have a 10-year term and will vest over four years. Surface is focused on developing innovative cancer immunotherapies targeting the tumor microenvironment with partnerships including Novartis and GlaxoSmithKline.
Surface Oncology (Nasdaq: SURF) announced a clinical update on SRF388, a first-in-class antibody targeting IL-27, to be presented at the ASCO 2022 Annual Meeting on June 4, 2022. SRF388 has shown promise against advanced solid tumors by blocking immunosuppressive effects and enhancing responses to other therapies. The clinical data aims to shed light on its efficacy and the potential biomarker associated with IL-27. The FDA has granted SRF388 Orphan Drug and Fast Track designations for hepatocellular carcinoma, emphasizing its therapeutic potential.
Surface Oncology (Nasdaq: SURF) has been recognized as one of the Best Places to Work by the Boston Business Journal for the second consecutive year. The company was selected in the 'small' category for firms with 50 to 99 employees in Massachusetts. This recognition reflects high employee satisfaction in areas like job engagement and communication. Surface focuses on developing next-generation immunotherapies targeting the tumor microenvironment, with clinical-stage programs targeting CD39 and IL-27, alongside partnerships with major pharmaceutical companies.
Surface Oncology (Nasdaq: SURF) announced the initiation of two Phase 2 clinical studies for SRF388, an investigational antibody against IL-27. The first study, in collaboration with Roche, will assess SRF388 combined with atezolizumab and bevacizumab in approximately 100 patients with treatment-naïve hepatocellular carcinoma (HCC). The second study is a single-arm trial involving up to 40 patients with previously treated non-small-cell lung cancer (NSCLC). These studies aim to evaluate SRF388's efficacy and safety, with data readouts anticipated in 2023 and early 2024.
Surface Oncology (Nasdaq: SURF) announced the presentation of new data for SRF388, an anti-IL-27 antibody, at the AACR Annual Meeting 2022. The findings support the recommended Phase 2 dosing of 10 mg/kg for patients with advanced solid tumors. Key insights include linear pharmacokinetics with no dose-related toxicities and a confirmed partial response in a lung cancer patient. SRF388 showed promising biomarker changes post-treatment. The data will be discussed further at an upcoming scientific conference.
Surface Oncology, Inc. (Nasdaq: SURF) announced a stock option grant to Theresa Boni, J.D., its general counsel, allowing the purchase of 120,000 shares at an exercise price of $2.87. This grant is part of the company’s 2021 Inducement Plan, aimed at facilitating Ms. Boni's employment in compliance with Nasdaq Listing Rule 5635(c)(4). The options have a 10-year term, vesting over four years with an initial 30,000 shares vesting on March 14, 2023.
Surface is focused on developing innovative immunotherapies targeting the tumor microenvironment.
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