Novelos shares slump 82% as pivotal Ph III lung cancer trial fails to meet primary survival endpoint
Massachusetts, USA-based Novelos Therapeutic saw its share price plummet 82% to just $0.30, after the company announced that the primary endpoint of improvement in overall survival was not met in its pivotal Phase III trial in advanced non-small cell lung cancer (NSCLC) studying its lead product, NOV-002, in combination with first-line chemotherapy. Detailed trial results are expected to be presented via appropriate scientific venue later this year.
Novelos has a partnership with Mundipharma, an independent associated company of Purdue Pharma, to develop and commercialize NOV-002 in Europe and Asia (excluding China).
'Appears simulations were inaccurate,' CEO admits
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