UPDATE: Prostate cancer drug trial's failure hits Spectrum Pharma, GPC shares |
|
|
|
Published
:
Wed, 31 Oct 2007 14:21
|
Adds premarket prices for other cos., details of licensing relationshipNEW YORK (Thomson Financial) - The failure of a late-stage clinical trial of a proposed prostate cancer drug being co-developed by GPC Biotech AG and Pharmion Corp. weighed on shares of those companies early Wednesday as well as Spectrum Pharmaceuticals, which originally licensed the rights to satraplatin, the compound in question.Shares of GPC Biotech took the biggest hit, dropping almost 62% to $4.40 in premarket trades. Spectrum's stock fell 14% to $3.56, while Pharmion shares were off 3.2% to $45.78 ahead of the bell.Late Tuesday, GPC and Pharmion said the trial, which evaluated satraplatin plus prednisone as a second-line treatment for patients with hormone-refractory prostate cancer, failed to meet its primary endpoint of overall survival. The drug's median was 61.3 weeks, compared to 61.4 weeks for the control arm of the study.GPC said it now plans to reevaluate development plans for satraplatin. Pharmion, which has partnered with GPC to secure approval of the treatment in Europe, said the results were 'clearly disappointing' and that it expects the results to impact its marketing authorization application in Europe.In its statment Spectrum noted that: 'We are not dependent upon the success or failure of any one drug.'Ryan Vlastelicarv/pc/rv/mbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
|
|
Print this Story
Spectrum prostate cancer drug doesn't meet primary endpoint 