OncoGenex’s results from a clinical trial meant to treat prostate cancer showed its drug did not significantly improve survival rates.
Shares of Bothell-based OncoGenex Pharmaceuticals fell more than 40 percent Tuesday after a clinical trial designed to treat cancer did not show favorable results.
OncoGenex said its phase 3 trial meant to treat a type of prostate cancer using a drug called custirsen “did not meet the primary endpoint of demonstrating a statistically significant improvement in overall survival” to current treatments on the market.
“We are obviously disappointed that custirsen was unable to demonstrate a survival benefit in prostate cancer,” CEO Scott Cormack said in a statement. “We would like to thank the patients who participated in the AFFINITY trial and their caregivers…”
OncoGenex, which has offices in Bothell and Vancouver, British Columbia, said it is now working with the Food and Drug Administration to look at results of a trial using the same drug to treat a type of lung cancer.
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The company cut a quarter of its workforce, or 11 employees, in February as a way to save money.
The biotech’s stock price fell as low as 46 cents during trading Tuesday and closed the day down more than 41 percent to 53 cents per share.