Cell Therapeutics Lavishes Free Stock on Execs: BioBuzz
The negative results sent Poniard shares plunging 77% to $1.70 in Monday's pre-market trading session.
Small cell lung cancer patients treated with picoplatin had an 11% reduction in the risk of death compared to patients treated with best supportive care, but this survival benefit was not robust enough to be statistically significant.
"We are disappointed that the trial did not meet the primary endpoint. The data indicates that more patients on the best supportive care arm received chemotherapy following progression than those on the picoplatin arm, and we believe that this may have been a significant factor contributing to the trial outcome, as picoplatin appeared to demonstrate a trend toward a survival advantage," said Poniard CEO Jerry McMahon, in a statement.
The possibility that chemotherapy used as a third-line treatment after progression would hurt picoplatin's chances was one of the major risks of the phase III study identified by Poniard bears going into Monday's data release.Picoplatin is a next-generation platinum chemotherapy drug designed to overcome resistance to prior platinum therapy. The drug may also cause less nerve-related toxicity. The phase III study, dubbed "SPEAR," compared treatment with picoplatin against best supportive care in second-line small cell lung cancer patients. These were patients with advanced, progressive disease after treatment with a front-line platinum agent. The primary endpoint of the study was overall survival.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV