Synta Announces Positive One-Year Follow-up Results for the GALAXY-1
Any predictions as to how this will impact our PPS?
LEXINGTON, Mass.--(BUSINESS WIRE)--
Synta Pharmaceuticals Corp. (SNTA) today announced presentation of results from the GALAXY-1 trial, a global, randomized, multi-center study designed to identify the patients with advanced non-small cell lung adenocarcinoma most likely to benefit from second-line treatment with the Company’s lead drug candidate, the Hsp90 inhibitor ganetespib, in combination with docetaxel versus docetaxel alone. The results will be presented Monday, October 28 2013, at 10:30 AM local time during an oral session at the 15th World Conference on Lung Cancer (WCLC) in Sydney, Australia.
Ganetespib is a second-generation inhibitor of the chaperone protein Hsp90, which is critical for the activation and stability of numerous proteins that drive cancer growth and proliferation. Ganetespib has been studied in over 25 clinical trials and 800 patients to date. In these trials, ganetespib has shown durable objective responses, including CRs (complete responses) and near-CRs, when used alone, as monotherapy administration, in patients with several different types of late-stage cancer, as well as a favorable safety profile, with no evidence of the serious liver or common ocular toxicities seen with other Hsp90 inhibitors.
“Our strategy with the GALAXY lung cancer program has been to use a large, global Phase 2b trial to increase the probability of a positive outcome in Phase 3,” said Dr. Safi R.
The last time they announced this data it was considered premature. The stock popped to 7.15 and sold off. However, this time it is a little different if the stock breaks past $7.15 the cup pattern suggests a move to 10.
The data is much more mature; and Mgt. has become more focused on narrowing down what strategy will work best going forward. I don't expect a huge gap up; but I believe our PPS is heading back towards $10 (and much more as the Enchant trials move further along).
It will definitely be an interesting stock to watch and follow going forward. GLTA!!