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.