Hell hath no fury as a disappointed investor who bet wrong on a biotech catalyst. The execs at Exelixis got a three-course serving of that anger this morning as its stock went into a 35% nose dive--after the biotech announced that its interim analysis was complete and the Phase III prostate cancer study for cabozantinib would go to its conclusion.
Analysts at GlobalData took a quarterly snapshot of the R&D expenses for a big batch of mid-cap biotechs and concluded that rising research costs were eroding corporate profitability. And they pinned the blame squarely on the pricey hunt for new cancer drugs.
Genentech has joined a race to prove that two kinds of targeted cancer drugs are better than one of them. It's jumped into a late-stage trial of a two-drug combo therapy against deadly skin cancer amid growing competition for such treatments in the pharma industry.
Exelixis, the cancer drug developer, appears to have paid the price for its plans to raise funds from sale of 20 million shares and $225 million in debt. The South San Francisco-based company's stock price dropped 12% on Monday and was down nearly 4% on Tuesday at 11:54 a.m. ET.
Later this week the cancer drug research crowd will examine a tsunami of abstracts filed ahead of the ASCO meeting in early June in the hopes of finding a few gems.
Exelixis ($EXEL) is banking a $12 million upfront from Merck ($MRK) under a licensing deal covering its PI3K-delta research work. With the biotech focused squarely on its controversial late-stage
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
This summer's been somewhat tame on the biotech mergers front. It's lacked a blockbuster deal on par with Sanofi's buyout of Genzyme, reports of which began last summer and kept biotech reporters
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