|Trial results take breath out of Oxigene|
|By Staff and Wire Reports|
|Friday, 04 November 2011 05:16|
Given that, speculators are likely to dump out of the stock and send shares much lower. By the time after-hours trading was over, prices had dropped to $ 1.25 -.58 (-31.69%).
The final analysis of the data showed that the combination regimen of ZYBRESTAT plus bevacizumab, carboplatin and paclitaxel (ZYBRESTAT arm) was observed to be well-tolerated with no significant cumulative toxicities or overlapping toxicities with bevacizumab when compared with the control arm of the study (standard chemotherapy plus bevacizumab). In addition, an analysis of patients with tumor burden greater than 10 cm suggested meaningful improvements in overall survival for patients receiving ZYBRESTAT in addition to bevacizumab and chemotherapy. For patients with this large tumor burden, median overall survival was 14.2 months, compared with 11.0 months for patients on the control arm of the study. For the overall patient population, no survival benefit was observed for patients receiving ZYBRESTAT.
"This final data reinforces our earlier observations that ZYBRESTAT in combination with bevacizumab and chemotherapy may have therapeutic utility for patients with large or hard-to-treat tumors and who appear not to be as well served by the standard therapy of carboplatin, paclitaxel and bevacizumab. The data also suggest that that two vascular targeting agents, ZYBRESTAT and bevacizumab, can be administered in combination with a manageable side effect profile. These results are suggestive and present an opportunity for further clinical exploration in the future," said Peter Langecker, M.D., Chief Executive Officer at OXiGENE. "OXiGENE's major focus remains on working towards a global registrational study of ZYBRESTAT in anaplastic thyroid cancer, including obtaining the necessary financing for such a study, as well as supporting our ongoing clinical program in ovarian cancer and earlier stage programs. We are extremely grateful to the patients and physicians who participated in the FALCON study."
Yesterday’s results certainly do not point in the direction of widely spread rumors that OXGN was on the verge of landing a partnership or a buyout from Big Pharma. We reported last week that social media searches for information and investor forum discussions about OxiGene (Nasdaq: OXGN) were trending higher. Recently, shares of the company had climbed from under $1 to yesterday's close at $1.83.
Key data points from the FALCON trial are as follows.
Overall Survival (OS)
Progression Free Survival (PFS):
As previously reported, best tumor response in terms of partial response (PR) was 56% in the ZYBRESTAT arm and 36% in the standard therapy arm.