FDA Panel Votes Against Approving Matrix's Cancer Treatment
An advisory panel to the Food and Drug Administration on Monday night shot down Matrix Pharmaceutical's (MATX)experimental cancer treatment.
The advisory panel members voted 9 to 3, with one abstention, to recommend against approval of IntraDose. The recommendation will now be forwarded to the FDA for a final decision. The agency normally follows the panel's recommendation.
Despite the negative vote, one observer of Matrix's FDA advisory committee meeting said many panel members seemed to believe that IntraDose may be effective, but that the company did a poor job of designing tests to prove it.
Matrix's failure Monday was no big surprise given the highly negative tone of an FDA staff report released last Friday.Trading in Matrix has been halted since last Thursday, when shares closed at $6.79 a share. Matrix officials will be holding a conference call Tuesday morning to discuss the panel's decision.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV