Radient Pharma Shares Reopen

Updated with new company comment.

TUSTIN, Calif. ( TheStreet) -- Radient Pharmaceuticals ( RPC) issued a second statement Tuesday confirming that a clinical trial of its Onko-Sure cancer screen was "on track."

Earlier Tuesday, Radient issued a statement accusing TheStreet of publishing an "inaccurate" story about the involvement of the Mayo Clinic in a clinical study of Radient's cancer-screening test Onko-Sure.

Radient's stock was halted Monday just before 12 p.m. ET by the New York Stock Exchange with shares at 41 cents. The stock remained halted for most of Tuesday, opening at 3:31 pm ET up 9 cents to 51 cents a share.

TheStreet published a story Monday in which Mayo Clinic denied Radient's claim that Mayo was working with Radient on a new clinical validation study of the Onko-Sure cancer test.

"Mayo is not engaged in clinical studies with Radient and does not have a partnership agreement with Radient," said Mayo Clinic spokesperson Kathy Anderson in a statement emailed to TheStreet Friday.

Mayo Clinic's statement contradicts Radient's recent pronouncements regarding the pending release of results from a new clinical validation study of Onko-Sure. In a press release issued Jan. 18, Radient said it was making "progress on its clinical study with Mayo Clinic for the validation of the company's US FDA-cleared Onko-Sure" test.

The same Radient press release described the Onko-Sure clinical study as one in which "1,000 colorectal patient samples with various disease stages are being tested in parallel by RPC Radient and Mayo..."

Mayo's only involvement in the Onko-Sure study, the Mayo spokesperson confirmed, was to sell blood samples taken from colon cancer patients to Radient so the company could conduct its own clinical study of Onko-Sure.

"Mayo Clinic does have a collaboration agreement with Radient whereby Mayo Validation Support Services provided bio specimens from our Bio Specimen Bank to Radient for clinical studies," said Mayo spokesperson Anderson. "The services Mayo was required to provide to Radient have been fulfilled. Any clinical study results about Onko-Sure would be provided by Radient, not Mayo Clinic," she added.

On Monday, Mayo confirmed the accuracy of that statement in a blog posting to its Web site.

In its response Tuesday, Radient said it is "taking proactive steps to address the article and intends to issue a public statement later today providing existing and prospective shareholders with information correcting certain inaccuracies set forth in the article."

Radient shares were down 26% to 41 cents when the stock was halted Monday.

--Written by Adam Feuerstein in Boston.

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