Transgene and SillaJen drop Pexa-Vec study due to futility

French biotech company Transgene (Euronext Paris: TNG) today announced that the independent Data Monitoring Committee (IDMC) of the PHOCUS study of Pexa-Vec in liver cancer has completed a planned interim futility analysis.

The company’s partner, South Korea-based SillaJen (Kosdaq: 215600), has informed Transgene of the IDMC’s recommendation to stop enrolment in the study, as the study is unlikely to meet its primary objective by the time of the final analysis. SillaJen has not reported safety concerns but said it was dropping the study.

The news had a devastating impact on both companies’ share prices, with SillaJen plunging nearly 30% to 31,200 Korean won, and Transgene falling 15.4% to 1.95 euros by early afternoon.