By Colin Kellaher

Purple Biotech Ltd. on Friday said it is launching a Phase 1b/2 clinical trial in collaboration with Bristol Myers Squibb Co. evaluating Purple's CM24 monoclonal antibody for the treatment of multiple advanced cancers.

The Rehovot, Israel, clinical-stage company said the study will evaluate CM24 in combination with Bristol's blockbuster cancer drug Opdivo in non-small cell lung cancer and in combination with Opdivo and Abraxane, another Bristol drug, in pancreatic cancer.

Purple said it expects preliminary data from the first part of the study in the second half of the year.

New York-based Bristol in 2019 agreed to collaborate with privately held FameWave Ltd. to study the combination of CM24 and Opdivo. Purple, then known as Kitov Pharma, later acquired FameWave.

Shares of Purple, which closed Thursday at $4.52, rose more than 6% in premarket trading Friday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

03-19-21 0845ET