AEterna Zentaris (NASDAQ:AEZS) looked like it was going to have a strong day in the market. In fact, the stock was heading up early in the pre-market hours. However, recently, the stock started to tank following news of a failed clinical trial. Of course, our partners at Trade Ideas were the first to alert us to the drop. At the time of the halt (8:30), AEZS was trading at $1.80 per share after a massive loss of 46.27% thus far today.
AEZS Halted On Failed Phase 3 Study
As mentioned above, AEterna Zentaris was off to what seemed to be a strong start in the pre-market. However, that’s likely going to be short-lived. After releasing news that the company failed a Phase 3 clinical trial, the stock has been halted, but it’s like to fall when it reopens. The failed trial surrounded Zoptrex(TM). The treatment was designed for women with locally advanced, recurrent or metastatic endometrial cancer. Unfortunately, the company failed to meet its primary endpoint of demonstrating a statistically significant increase in the median period of overall survival of patients treated with the experimental drug in comparison with patients treated with doxorubicin. In a state, Dr. Richard Sachse, CEO at AEZS, had the following to offer:
“The median overall survival period for patients treated with Zoptrex(TM) was 10.9 months compared to 10.8 months for patients treated with doxorubicin. This is not a statistically significant, clinically meaningfuly increase in overall survival and thus the ZoptEC Phase 3 clinical study did not meet its primary endpoint. In addition, Zoptrex(TM) generally performed no better than the comparator drug with respect to secondary efficacy endpoints. For example, the median period of progression-free survival of the patients in the Zoptrex™ arm of the study was identical to that for patients in the doxorubicin arm. Finally, there was no meaningful difference between the two arms with respect to safety; the number of patients with cardiac disorders was similar – eight in the Zoptrex™ arm and nine in the doxorubicin arm. Therefore, the results of the study are not supportive to pursue regulatory approval.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AEZS. In particular, we’re interested in the company’s next steps following today’s devastating news. We’ll continue to follow the story closely and bring the news to you as it breaks!
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