Progenics slides after cancer drug trial abstract posted online
Shares of Progenics Pharmaceuticals (PGNX) are trading lower after an abstract embargo was lifted last night for the 2014 Genitourinary Cancers Symposium, meaning the full text of the company's abstract for a phase II study of MIP-1404 was made available online. According to the summary of conclusions on the symposium site, "trofolastat has accurately detected primary prostate carcinoma within the gland with high sensitivity and specificity in high-risk pts prior to surgery, based on the interim data available. Updated results, analyses of secondary endpoints, pelvic lymph nodes, and comparative performance vs. MRI from this ongoing study will be presented, the summary states. Shares of Progenics are down about 14.7% to $5.29 in pre-market trading.
You don't give much explanation to your prediction for high odds for failure... Please explain, thanks
They would not bother to put out a press release touting a webcast if it was not positive.
These are people already severely compromised and dying of cancer. The report even states: "A third patient died before receiving study drug."