(MENAFN- ProactiveInvestors) () tumbled in morning trading after the biopharmaceutical company said its cancer drug candidate cabozantinib failed to achieve its primary endpoint of the alleviation of bone pain in patients with metastatic castration-resistant prostate cancer.
Those patients were suffering from moderate-to-severe pain despite optimized narcotic medication and their disease had progressed following treatment with docetaxel in addition to abiraterone and/or enzalutamide in a Phase 3 clinical trial.
A negative outcome from the COMET-2 prostate cancer study of cabozantinib was widely expected given the previously announced failure of the COMET-1 study in September.
Shares decreased 9 percent to C$1.51 at 2:16 p.m. in New York extending this year’s slump to 75 percent.
The South Francisco California-based company said in a statement today that the alleviation of bone pain in the study COMET-2 was measured by comparing the percentage of patients in the two treatment arms who achieved a pain response at week six that was confirmed at week 12 without an increase in narcotic medication.
said that 15 percent of the patients in the cabozantinib arm reported a pain response compared to 17 percent of patients in the control arm (mitoxantrone/prednisone).
The company said it continues its cabozantinib development activities in metastatic renal cell carcinoma and advanced hepatocellular carcinoma.
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