Tranzyme and Norgine bowel cancer drug fails in Ph III
USA-based Tranzyme Pharma (Nasdaq: TZYM) and independent drugmaker Norgine of the Netherlands yesterday announced top-line results of the primary analysis of ULISES 007, the first of two Phase III pivotal trials evaluating its bowel cancer drug candidate ulimorelin, noting that it failed to meet its primary and secondary efficacy endpoints.
The news saw Tranzyme’s shares plummet nearly 70% to $1.55 in pre-market trading on Monday. Prior to this fall, the company had a market capitalization of just over $125 million, noted a Reuters report.
"These results are surprising and disappointing. While we are still planning to analyze the data from the second Phase III trial ULISES 008, which we expect by the end of the second quarter, we are stopping all other NDA [New Drug Application] activities for ulimorelin," said Vipin Garg, president and chief executive of Tranzyme Pharma.
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