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Biotech / Medical : biotech firesales
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From: Julius Wong6/29/2016 7:55:10 AM
   of 3661
 
Galena's stops late-stage study of NeuVax in breast cancer due to lack of efficacy; shares off 70% premarket
  • Based on the recommendation from the Independent Data Monitoring Committee, Galena Biopharma (NASDAQ: GALE) discontinues its Phase 3 PRESENT study assessing Fast Track-tagged NeuVax (nelipepimut-S) to prevent breast cancer recurrence in the adjuvant setting. An interim analysis of 71 qualifying disease-free survival events failed to show a significant effect from treatment with NeuVax.
  • The trial remains blinded. The company says it will host a conference call next week after evaluating the data.
  • NeuVax is an HER2-directed immunotherapy being investigated for the prevention of breast cancer recurrence after standard-of-care treatment in the adjuvant setting. Adjuvant therapy is any treatment given after primary (first-line) therapy.
  • Shares are down 70% premarket on robust volume.
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