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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts