IO Biotech jumps after cancer vaccine shows promise in late-stage study

Shares of biotech firm IO Biotech IOBT.O rise 59.7% to $2.89 premarket

Company says patients on its experimental cancer vaccine, in combination with Merck's MRK.N Keytruda, showed improvement in a late-stage study goal, but the result was not statistically significant

In a 407-patient, late-stage study, the vaccine led to improvement in progression-free survival in patients with advanced skin cancer

Company plans to meet with the U.S. FDA this fall to discuss the data and next steps for a potential regulatory submission

Up to last close, stock up 96.7% YTD