Oncology company’s board adopts poison-pill plan
Shares of Tempest Therapeutics Inc. TPST, +3972.53% soared nearly 4,000% on Wednesday after the company released study results for its investigational cancer treatment TPST-1120 in patients with liver cancer.
Patients treated with the triple therapy had median progression-free survival of seven months, versus 4.3 months for those treated only with Tecentriq and Avastin, Tempest said. Tempest on Wednesday also announced a limited duration stockholder rights plan, or “poison pill,” exercisable only if an entity offers to acquire 10% or more of the company’s outstanding common stock.
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