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CytRx Corporation Message Board

  • michelle_michelle34 michelle_michelle34 May 2, 2014 1:49 PM Flag

    Endocyte that crashed to 6.70 from $18 today also had good science and conferences with doctors

    Can Endocyte Survive Its Cancer Drug Implosion?
    24/7 Wall St. By Paul Ausick

    Drug makers Endocyte Inc. (ECYT) and Merck & Co. (MRK) have terminated their joint late-stage study of an ovarian cancer treatment after the trials failed to show results. The Data Safety Monitoring Board recommended that the trial be stopped.

    Endocyte's stock was halted Friday morning, after trading down more than 60% from the previous close of $17.38.

    No safety concerns were raised about the drug, vintafolide, and Endocyte expressed surprise at the recommendation to halt the trial. The company said that it and Merck would review and validate the data before making a "formal decision regarding the execution of the trial."

    ALSO READ: America's Most (and Least) Healthy Cities

    Endocyte recently closed a secondary offering that raised net proceeds of $101.8 million, and says it now has $233.3 million available in cash, cash equivalents and investments. The firm's chief financial officer said that the company is "in a strong financial position to advance our next proprietary candidates through clinical development in multiple cancers."

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