Late on Monday evening Exelixis put out the word that its crucial late-stage study of cabozantinib flunked a comparison study with prednisone for castration-resistant prostate cancer, triggering a restructuring that will eliminate 70% of the jobs at the biotech.
Exelixis won a coveted approval from the FDA to market its multi-kinase inhibitor cabozantinib for treating a rare form of thyroid cancer.
Exelixis, the cancer drug developer, appears to have paid the price for its plans to raise funds from sale of 20 million shares and $225 million in debt. The South San Francisco-based company's stock price dropped 12% on Monday and was down nearly 4% on Tuesday at 11:54 a.m. ET.
Later this week the cancer drug research crowd will examine a tsunami of abstracts filed ahead of the ASCO meeting in early June in the hopes of finding a few gems.
Thousands of experimental meds are winding their way through various stages of clinical trials today, and the largest category among the contenders is cancer drugs.
Exelixis ($EXEL) upset investors with news late yesterday that the developer couldn't see eye to eye with U.S. regulators on the design of a key late-stage trial for its lead cancer drug in patients
Exelixis ($EXEL) cleared a crucial late-stage hurdle for cabozantinib today, with the biotech reporting the drug's Phase III study for medullary thyroid cancer posted promising results for improving
Not long after Mike Morrissey took the helm at Exelixis ($EXEL) in the summer of 2010 he decided to restructure and go all in on cabozantinib, the biotech's promising cancer drug that had already
A major theme at the big American Society of Clinical Oncology (ASCO) meeting next month will be matching cancer patients with drugs based on the biology of their tumors. The so-called targeted
Just weeks after reaping a windfall from a public offering of its freshly fattened shares, Bloomberg reports that Exelixis has opted to turn Goldman Sachs' attention to any potential takeover offers