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Synta Provides Clinical Update And Reports Third Quarter 2012 Financial Results

Stocks in this article: SNTA

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) today reported financial results for the third quarter ended September 30, 2012 and provided clinical program updates regarding its lead oncology drug candidate, ganetespib, a potent and selective Hsp90 inhibitor.

“Clinical development of ganetespib has progressed exceptionally well this year, culminating with the recent presentation of positive interim results from the first stage of our 800-patient Phase 2b/3 randomized GALAXY program in non-small cell lung cancer,” said Safi Bahcall, Ph.D., President and CEO. “These encouraging results in combination with docetaxel, together with the previously reported promising results with ganetespib monotherapy in certain targeted patient populations, create exciting opportunities for multiple paths to registration and a unique product profile. We have been pleased with the strong support for this program in the medical oncology community, reflected in increasing rates of enrollment across all our trials and a growing number of third-party supported programs. We are looking forward to upcoming results from GALAXY and our other programs, and to realizing our goal of creating a new treatment option for cancer patients.”

Ganetespib is currently being evaluated in over 20 clinical studies. In addition to the activity observed in the GALAXY combination therapy trial, objective responses or durable anti-tumor activity have been observed with ganetespib monotherapy in patients with lung cancer, breast cancer, gastric cancer, colorectal cancer, renal cancer, and melanoma. The safety profile of ganetespib has been favorable in over 600 patients treated to date, with transient, mild or moderate diarrhea as the most common adverse event reported.

Key accomplishments in the third quarter of 2012:

1. At the 2012 Congress of the European Society for Medical Oncology (ESMO), investigators reported results from the second interim efficacy analysis of the Phase 2b portion of the GALAXY trial. There were 172 adenocarcinoma patients in the clinical database at the time of the September 10 cutoff for this analysis.

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