NEW YORK (TheStreet) -- OncoGenex (OGXI) plummeted more than 55% to a one-year low of $4.16 on Monday after the pharmaceutical company announced along with Teva Pharmaceuticals (TEVA) that their experimental prostate cancer treatment failed to show any statistically significant improvements when compared to standard chemotherapy in a late-stage trial.
The study contained 1,022 patients and tested the efficacy of the drug, custirsen, in conjunction with standard chemotherapy when compared to chemotherapy by itself. The drug did not show any improvements in the survival of patients with untreated metastatic castrate-resistant prostate cancer.
Custirsen is OncoGenex's lead drug candidate and is designed to decrease the production of the protein clusterin, which could be a major factor in cancer cell survival and resistance to treatments. The drug is also in development as a second-line treatment for mCRPC, and is also under evaluation for use in lung cancer.
Must Read: Warren Buffett's 10 Favorite Growth StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.
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 Plus 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