Syndax Lower as Blood Cancer Drug Trial Disappoints Investors

The results of Syndax's Phase 1 trial of a blood-cancer-treatment candidate came up short of an investment firm's estimate.
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Syndax Pharmaceuticals  (SNDX) - Get Report shares dropped on Tuesday after results from a Phase 1 trial of its blood cancer medicine disappointed investors.

The trial showed that five of 31 patients, or 16%, in the trial had a complete remission or a complete remission with a partial hematologic recovery. That compares with Barclays’s expectation of a 30% complete response rate, Bloomberg reports.

Another five patients had a complete response with incomplete platelet recovery, and five more a complete response with incomplete hematologic recovery/morphologic leukemia-free state, Bloomberg said.

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Syndax shares recently traded at $14.05, down 28%. That puts the stock down 19% for the past six months.

"Data reported today further support the potential for SNDX-5613 to induce clinically meaningful responses in patients with genetically defined acute leukemias," the company’s chief executive, Briggs Morrison, said in a statement.

"Notably, robust clinical activity, including multiple complete responses with no evidence of minimal residual disease, were observed in heavily pretreated MLLr and NPM1c patients.”

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Further, “We have identified a candidate recommended Phase 2 dose (RP2D) and expect to commence the pivotal Phase 2 portion of the trial by the end of the second quarter," he said.

In other pharmaceutical news Tuesday, Johnson & Johnson JNJ posted stronger-than-expected first-quarter earnings and boosted its full-year earnings forecast, as medical device and pharmaceutical sales recorded solid post-pandemic gains.

But Emergent BioSolutions said in a Securities and Exchange Commission filing Monday that the Food and Drug Administration asked it to stop making materials for the Johnson & Johnson vaccine.

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