OncoGenex stock drops over 14% as cancer drug fails Phase II trial
Shares in OncoGenex Pharmaceuticals (Nasdaq: OGXI) closed down over 14% to $2.50 on the Nasdaq after the company announced its combination therapy to treat pancreatic cancer failed in mid-stage trials.
Scott Cormack, chief executive of OncoGenex, said: "While we are disappointed with the Rainier results, we also recognize the challenges associated with developing effective treatments for such a lethal and complex disease. We remain confident in our broader apatorsen program, which includes ongoing Phase II clinical trials in lung, prostate and bladder cancers."
The Canadian drugmaker said the initial Phase II results showed the addition of its experimental drug apatorsen to US-biotech company Celgene's (Nasdaq: CELG) Abraxane (paclitaxel) and gemcitabine failed to demonstrate a survival benefit in patients with untreated metastatic pancreatic cancer.
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