OncoMed Pharmaceuticals Inc (NASDAQ: OMED) is halted in the pre-market hours today after an announcement came with regard to a Phase 2 clinical trial. Unfortunately, the news wasn’t positive and the stock could see some big declines today. Nonetheless, last week, OMED closed off at $4.84 per share.
OMED Announces Failure In Phase 2 Clinical Trial
As mentioned above, OncoMed Pharmaceuticals is halted at the moment on news. The news surrounds the company’s recent Phase 2 clinical trial surrounding tarextumab in combination with etopside plus either cisplatin or carboplatin chemotherapy. Unfortunately, the company announced that the results from the treatment were undifferentiated from those of chemotherapy plus a placebo. As a result, the trial did not meet its primary endpoint of progression-free survival or secondary endpoints of overall survival and biomarkers reflective of Notch pathway gene activation. In a statement, Paul J. Hastings, Chairman and CEO at OMED, had the following to offer…
“Small cell lung cancer is a very difficult-to-treat disease and unfortunately, tarextumab did not show benefit over placebo in this Phase 2 trials… We deeply appreciate the participation by the investigators and staff, patients and caregivers who all contributed to the conduct and completion of this Phase 2 clinical trial.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on OMED. In particular, we’re interested in learning the company’s next steps following the failed clinical trial. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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