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Tempest Flounders on News of Test Results

Tempest Therapeutics, Inc. (NASDAQ: TPST) shares went seriously south Thursday, as the company, a clinical-stage oncology concern developing first-in-class therapeutics that combine both targeted and immune-mediated mechanisms, today announced new positive data from the ongoing global randomized Phase 1b/2 clinical study in which amezalpat (TPST-1120), Tempest’s PPAR⍺ antagonist, delivered a six-month improvement in median overall survival advantage when combined with atezolizumab and bevacizumab in a comparison to atezolizumab and bevacizumab alone in the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.

“We are thrilled by these new survival data that build on the already meaningful data released in the fall showing the improvement of the amezalpat arm over atezolizumab and bevacizumab control across all study endpoints,” said CEO Stephen Brady. “These new data come after 10 more months of follow-up since the last data analysis and show not only a strong hazard ratio of 0.65 favoring the amezalpat arm, but also a six-month improvement in the median overall survival with half the patients still in survival follow up, as well as observation of a survival advantage across key populations – results that we believe put amezalpat in a strong position for a successful pivotal Phase 3.”

TPST shares lost 81 cents, or 28.4%, to $2.04.