Genmab drops enapotamab vedotin development

Danish biotech Genmab’s (OMX: GEN) shares were down 2.9% to 2,210 Danish kroner by close of trading today, after it revealed that it will not advance the development of a cancer drug candidate.

While enapotamab vedotin has shown some evidence of clinical activity, this was not optimized by different dose schedules and/or predictive biomarkers, the company stated. Accordingly, the data from the expansion cohorts did not meet Genmab’s stringent criteria for proof-of-concept.

“We are committed to developing innovative antibody products for patients with cancer, however the data from the enapotamab vedotin expansion cohorts unfortunately does not support moving this product candidate forward. This decision will allow us to focus more of our resources and energy on other programs in our robust next-generation antibody therapeutics pipeline,” said Jan van de Winkel, chief executive of Genmab.