Poniard recovers on Phase II picoplatin results
One day after it announced disappointing results from a Phase III lung cancer trial of picoplatin, Poniard Pharmaceuticals (PARD) reported that the drug achieved its primary endpoint in a Phase II metastatic colorectal cancer study. The news sent the company's shares, which had dropped precipitously, up 36 percent.
The Phase II results showed that the drug was comparable to Eloxatin, an approved chemotherapy marketed by Sanofi-Aventis. The company also revealed positive results from a Phase I cardiac safety study of picoplatin. "Based on the current data in colorectal cancer, as well as encouraging efficacy and safety data from more than 1,100 cancer patients treated with picoplatin in clinical trials, including the cardiac safety trial data presented today, we are continuing discussions with potential partners," Jerry McMahon, Poniard's chairman and CEO, says in a statement.
Poniard shares crash on PhIII picoplatin failure
On the Radar: Five biotech companies to watch
Poniard strikes deal to raise $60M for chemo development
Poniard cuts staff, focuses on picoplatin
Poniard slapped with going-concern warning