OncoGenex, a pharmaceutical firm based in Bothell, Wash., announced today an unsuccessful end to their phase 3 clinical trial of an experimental cancer drug. The company’s stock fell 40 percent as a result, although it recovered slightly to sit at 55 cents a share by 10:45 am. It is now valued at $17 million.
The drug, called Custirsen, blocks proteins that play a role in a cancer cell’s survival, and may prevent cells from resisting treatment. If successful, Custirsen could increase the effectiveness of existing cancer treatments, particularly important for patients whose tumors cannot be operated on.
In a release, OncoGenex said Custirsen had not increased success rates of patients with prostate cancer in this trial.
The trial did not meet the primary endpoint of demonstrating a statistically significant improvement in overall survival for patients treated with custirsen in combination with cabazitaxel/prednisone compared to cabazitaxel/prednisone alone.
“We are obviously disappointed that Custirsen was unable to demonstrate a survival benefit in prostate cancer,” said OncoGenex President and CEO Scott Cormack.
Custirsen is also the subject of a clinical trial which will enter phase 3 later this year. In this case, it will be evaluated in conjunction with a traditional chemotherapy drug in the treatment of patients with lung cancer.
