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Galena Biopharma, Inc. Message Board

  • secfilingqueen Mar 30, 2013 11:13 AM Flag

    Think investing in oncology drugs is easy?


    Think again. A cautionary News Report:

    Ziopharm cancer drug fails late-stage trial; shares plunge 66 percent

    By Vrinda Manocha | Reuters – Tue, Mar 26, 2013

    By Vrinda Manocha

    (Reuters) - Ziopharm Oncology Inc said it will stop developing its drug to treat soft tissue sarcoma after it failed to improve patient survival by keeping the cancer from worsening, wiping out nearly two-thirds of the company's market value.
    The drug, palifosfamide, was being tested in a late-stage trial called Picasso 3 as a treatment for metastatic soft tissue sarcoma - a type of cancer of the bone, cartilage, fat or muscles.
    "We know that based on (the) progression-free survival (rate), there is no way the drug will get approval anywhere in the world," Chief Executive Jonathan Lewis said.
    The trial involved 447 patients with metastatic soft tissue sarcoma across 150 clinical centers.
    Patients received either palifosfamide along with doxirubicin - an approved cancer drug - or doxirubicin alone.
    An independent committee recommended that the patients be followed to test the improvement in their overall survival, but the company said it does not expect to continue the follow-up.
    Brinson Patrick Securities analyst Vernon Bernardino said the company's decision to stop the drug's development was "drastic" but noted that the company had "burned" a lot of money on the project, and would probably need to raise money later in the year.

    Ziopharm will now evaluate all its palifosfamide programs........

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