Telik Inc. said on Tuesday that its experimental cancer drug failed to improve survival in patients with advanced lung cancer or in patients with ovarian cancer.
December 26, 2006 (Press Release) --
Telik Inc. said on Tuesday that its experimental cancer drug failed to improve survival in patients with advanced lung cancer or in patients with ovarian cancer, sending its stock plunging more than 70 percent in pre-market trading.
The company said a late-stage, or Phase III, trial of its drug Telcyta did not significantly improve survival in patients with advanced lung cancer who had failed other treatments, which was the main goal of the trial.
The company said a Phase III trial of patients with resistant ovarian cancer also failed to demonstrate significant improvement in survival, the main goal of the trial.
"These results are extremely disappointing," said Dr. Michael Wick, Telik's chief executive officer.
A third trial, designed to demonstrate significant tumor shrinkage in patients with resistant ovarian cancer, may not be suitable to submit to regulators because of discrepancies between the clinical review of the tumor scans and the independent radiology review.
About 25 percent of the patients were discontinued from the trial early.
"We are conducting additional, detailed analyses of the data from these three trials and plan to discuss those results with our advisors to determine the next development steps," Wick said.
The company's shares fell to $4.60 in electronic trading from a close on Friday of $16.26 on Nasdaq.
source: http://health.yahoo.com/
The company said a late-stage, or Phase III, trial of its drug Telcyta did not significantly improve survival in patients with advanced lung cancer who had failed other treatments, which was the main goal of the trial.
The company said a Phase III trial of patients with resistant ovarian cancer also failed to demonstrate significant improvement in survival, the main goal of the trial.
"These results are extremely disappointing," said Dr. Michael Wick, Telik's chief executive officer.
A third trial, designed to demonstrate significant tumor shrinkage in patients with resistant ovarian cancer, may not be suitable to submit to regulators because of discrepancies between the clinical review of the tumor scans and the independent radiology review.
About 25 percent of the patients were discontinued from the trial early.
"We are conducting additional, detailed analyses of the data from these three trials and plan to discuss those results with our advisors to determine the next development steps," Wick said.
The company's shares fell to $4.60 in electronic trading from a close on Friday of $16.26 on Nasdaq.
source: http://health.yahoo.com/
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