Greenwich LifeSciences rockets 2,941% in a single day after encouraging phase 2 data on breast cancer treatment

• Greenwich LifeSciences skyrocketed as much as 2,941% on Wednesday following encouraging phase 2b data for its breast cancer immunotherapy treatment, GP2.
• A poster presentation for GP2 at the San Antonio Breast Cancer Symposium revealed a 100% survival rate for all participants in its phase 2b clinical trial.
• Greenwich LifeSciences is now preparing to enter GP2 into a phase 3 clinical trial to treat a similar population of moderate to severe breast cancer patients.
• Watch Greenwich LifeSciences trade live here.

Investors had a field day with Greenwich LifeSciences on Wednesday after the tiny biotech company skyrocketed as much as 2,941% on encouraging phase 2b data for its breast cancer immunotherapy treatment, GP2.

On Tuesday, shares of Greenwich LifeSciences closed at $5.20. The stock proceeded to trade as high as $158.07 just before 3 p.m. on Wednesday. The market value of Greenwich soared to more than $1.5 billion at intraday highs, up from just $62 million the prior day.

The stock was halted nearly 20 times throughout Wednesday's trading session due to heightened volatility.

Investors were clearly impressed with phase 2b data for Greenwich LifeScience's GP2, which was revealed in a poster presentation at the San Antonio Breast Cancer Symposium.

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The final efficacy analysis showed that disease free survival for breast cancer patients treated with GP2 achieved 100% survival, meaning there were 0 breast cancer recurrences among the study's patient population over median 5 years of follow-up.

The patients within the trial were treated with GP2 after surgery and herceptin treatment, Greenwich LifeSciences said. The development and study of GP2 is focused on preventing breast cancer recurrences in patients who previously undergone surgery.

168 patients were enrolled in the trial across 16 clinical sites, according to the poster presentation.

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Greenwich LifeSciences CEO Snehal Patel estimated that GP2 could reach a potential market worth more than $5 billion, according to the announcement.

The company is now preparing to enter GP2 into a phase 3 clinical trial in 2021 to treat a similar population of moderate to severe breast cancer patients.

Greenwich LifeSciences went public in September at an IPO price of $5.75, raising the firm $7.25 million in proceeds.

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