Exclusive: Greenwich LifeSciences CEO Calls Stock's Meteoric Rise 'Very Emotional'

Greenwich LifeSciences, Inc. GLSI is a biopharmaceutical company that is developing GP2, an immunotherapy to prevent breast cancer recurrences in certain patients.

The stock skyrocketed nearly 3,000% in a single day in December after a Phase 2b trial suggested the therapy can reduce breast cancer recurrence rates down to zero.

On Thursday, Greenwich LifeSciences CEO Snehal Patel was a guest on Benzinga's "Power Hour" YouTube show to discuss the company's encouraging outlook.

Greenwich's Trial Outlook: Greenwich's therapy is not a substitute for other forms of treatment. An individual needs to first undergo surgery to remove the tumor and then take an antibody for one year.

After that, there is a 10% to 15% chance of the breast cancer coming back, and Greenwich's therapy is designed to lower the chance of recurrence to zero. 

Greenwich is ready to proceed with a Phase 3 trial of its therapy after manufacturing was completed last fall, Patel said.

Within the next month, the company expects to start transferring the therapy into vials to be shipped to clinical sites, the CEO said. 

The recent appointment of Dr. Jaye Thompson to oversee the Phase 3 trial has one purpose, he said: "Make sure we do exactly what we did in the Phase 2 trial so we get the same results."

In the meantime, Greenwich expects to report in April with new sets of data on the immune response followed by new safety data, Patel said.

The phase 3 clinical trial will likely remain ongoing through 2024, while commercial sales are expected in "2024 or later," he told Benzinga. 

The company's recent $36-million capital raise is large enough to "get to the end" of the interim analysis and apply for a licensing application with the Food and Drug Administration, Patel said. 

"If we don't want to raise more capital, we don't have to."

In a previous interview on Benzinga's "Power Hour", Bio & Tech Trading Founder Ripy Ghuman, aka Ripster, discussed shares of Cyclacel Pharmaceuticals Inc CYCC, a fellow biotechnology company that also focuses on treating cancer.

Greenwich's Market Opportunity: Around 3 million people are survivors of breast cancer, and Greenwich expects to treat 17,000 new patients each year.

The company expects to save up to 2,000 lives per year, and this number may expand, as the therapy is showing promising results in addressing other forms of cancer, the company's CEO said. 

"We have really good technology to identify those patients." 

Greenwich's Rise From $5 To $150: When shares of Greenwich skyrocketed from $5 to $150 in one day, management was busy discussing with bankers and lawyers how best to take advantage of the surge, Patel said. 

After the stock dominated headlines, the company started to see interest from doctors and patients who are new to the name and want to discover how to potentially benefit from the therapy, he said. 

"It's very emotional."

GLSI Price Action: Shares of Greenwich Life Sciences were down 7.96% at $27.40 at last check Thursday.