Biotech Innovations Surge as Global Cancer Diagnosis Rates Continue to Climb
VANCOUVER, BC, May 9, 2024 /PRNewswire/ -- USA News Group – In the fight against cancer, a political stumbling block was recently put in place by the US Congress after it voted against the renewal of funding for President Biden's "Cancer Moon Shot" designed to advance cancer research towards a cure. The need for solutions is mounting, as health authorities, on behalf of the United Nations, are predicting global cancer cases to rise around 77% by 2050, with richer countries expected to have the greatest absolute increase in cancer. As analysts from Custom Market Insights forecast the global cancer immunotherapy market to soar to US$314.4 billion by 2032, expanding at a 7.2% CAGR, the biotech sector continues to advance cancer treatment and diagnostics, with recent updates coming from Oncolytics Biotech Inc. (NASDAQ: ONCY) (TSX: ONC), Candel Therapeutics, Inc. (NASDAQ: CADL), AstraZeneca PLC (NASDAQ: AZN), Halozyme Therapeutics, Inc. (NASDAQ: HALO), and Janux Therapeutics, Inc. (NASDAQ: JANX).
- The new cohort is also being supported by a US$5 million Therapeutic Accelerator Award from the Pancreatic Cancer Action Network (PanCAN)—an innovative program established to accelerate the development of new treatments for pancreatic cancer.
- "We believe that working with PanCAN will help to further enrich Oncolytics' clinical relationships with the pancreatic cancer community.
- Positive results from a combination with mFOLFIRINOX could greatly enhance pelareorep's potential in addressing pancreatic cancer.
- Janux develops tumor-activated immunotherapies to treat cancer, and has already seen its shares quadruple this year.