Biotech
NeoPharm(NEOL) shares plummeted 73% after its experimental brain tumor drug failed in trials pitting it against MGI Pharma's(MOGN) Gliadel Wafer.
The stock sank $4.94 to $1.78 Monday morning. The experimental drug, dubbed cintredekin besudotox, or IL13-PE38QQR, did not meet its goal of showing a significant difference in overall survival rates when compared with the MGI drug after 215 deaths. Gliadel was approved in 1997 to treat brain cancer by delivering the drug directly to the tumor. "Topline data suggests that cintredekin besudotox, while comparable, was not statistically superior to Gliadel," said Guillermo Herrera, NeoPharm's president and CEO. "We will continue to work with our Scientific Advisory Board and the FDA to determine the best path forward." The company says its board of directors and senior management have created a task force to evaluate the company's options going forward, including advancing products that use the company's NeoLipid technology in delivering cancer drugs. MGI's shares gained 1.3% to $19.19.TheStreet Premium Services
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