Heat Biologics Inc. stock traded up as much as 9 percent Tuesday morning after the drug developer announced that its lung cancer drug produced favorable results in a Phase 1 trial.

The stock opened at $1.36 and is now trading around $1.17, up about 5 percent.

The company reported response and survival results in the ongoing Phase 1 study evaluating Heat’s drug in combination with an already approved drug called Opdivo from Bristol-Myers Squibb for the treatment of non-small cell lung cancer.

The one-year results from the first eight trial patients showed that the combination was well-tolerated, said principal investigator Daniel Morgensztern, M.D., at the International Association for the Study of Lung Cancer Annual Meeting in Vienna, Austria.

Three recent stories on Heat Biologics can be found on N.C. Business News Wire’s website.

Founded in 2008, the company has a negative 8.31 percent one-year return. Its share price has a 52-week range of 40 cents to $4.71 per share. Heat’s market capitalization stands at $68.5 million.