Updated with new information.
Here I thought Celsion was doing the honorable thing by making no excuses for the failure of its Thermodox liver cancer therapy. Last January, CEO Michael Tardugno told investors, straight up, that data from the Thermodox phase III study weren't close to being strong enough to support approval filings in the U.S. or Europe. He didn't offer any spin, he didn't try to data-mine results seeking a desperate glimmer of hope. Thermodox failed and that was that.
All that goodwill was thrown away Tuesday. Celsion now says a "post analysis" of the failed phase III study shows Thermodox did shrink liver tumors in a subgroup of patients who underwent radio-frequency ablation (RFA) for at least 45 minutes.
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