BioAtla (BCAB) said Monday its cancer therapy BA3182 showed "encouraging preliminary prolonged tumor control" in a first-in-human phase 1 study.

The therapy targets a tumor cell often present in adenocarcinomas of the colon, stomach, pancreas, biliary tract, lung, breast, prostate, and thyroid, the company said.

Chief Executive Jay M. Short also said the therapy showed "a manageable safety profile" in the 35-patient study.

Shares of the company were down 13% in recent premarket activity.