Malvern-based Galera Therapeutics’ stock fell by more than 70 percent after the biopharmaceutical firm announced that its cancer drug candidate did not meet its primary endpoint during late-stage clinical testing, writes John George for the Philadelphia Business Journal.
The company’s lead experimental cancer therapy, GC4419, is being developed as a treatment for severe oral mucositis in patients with locally advanced head and neck cancer who are undergoing radiotherapy.
Following the announcement, Galera stock opened down 73 percent on Tuesday to $2 per share and closed down 70 percent at $2.25 per share.
“While the data, as in previous trials, showed reductions in the incidence, duration, and severity of (severe oral mucositis), we are surprised and disappointed that the trial did not achieve statistical significance in its primary endpoint,” said Galera CEO Dr. Mel Sorensen.
He added that while the company is currently evaluating the next steps for the program, “we remain committed to our goal of transforming radiotherapy in cancer treatment with our selective dismutase mimetics.”
The company’s second dismutase mimetic product candidate, GC4711, is currently in mid-stage clinical testing as an augment to radiation therapy for patients with non-small cell lung cancer and locally advanced pancreatic cancer.
Read more about Galera Therapeutics in the Philadelphia Business Journal.