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Athenex shows difficulty of drug development. Should Buffalo keep trying?

·8 min read
Athenex shows difficulty of drug development. Should Buffalo keep trying?
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Nearly 20 years after Athenex was commercialized out of chemist David Hangauer's University at Buffalo lab, the U.S. Food and Drug Administration swung its hammer. The FDA ruled in February 2021 that Athenex’s leading therapy – an oral formulation of popular chemotherapy drug that proposed to be both more effective and less toxic – needed to undergo a new clinical trial before it was fully approved. Athenex stock has tumbled from $12 at that time to less than $1 now.