Pharma Company’s Stock Plummets On News Of Failed Cancer Drug Study
OncoMed Pharmaceuticals got a one-two punch of bad news recently.
San Francisco Business Times:
OncoMed Stock Tumbles As Pancreatic Cancer Trial Fails, Bayer Nixes Drug Option
A failed mid-stage study of an experimental pancreatic cancer drug and Bayer Pharma's separate decision not to exercise its option on other cancer-fighting drugs caused the stock of OncoMed Pharmaceuticals Inc. on Monday to shed a third of its value. The Redwood City-based drug developer said its drug, demcizumab, failed a mid-stage study in pancreatic cancer patients. Separately, Bayer said it would not take up OncoMed-developed cancer drugs targeting Wnt, a cancer pathway that is attractive to drug makers because it plays a role in early cell division. (Leuty, 4/10)