Adventrx Pharmaceuticals says it's closing enrollment in a late-stage study of CoFactor for metastatic colorectal cancer, following a recommendation by the data monitoring board to end enrollment due to the slow accrual of new patients because of other treatment preferences for the disease. A mid-stage trial of CoFactor in breast cancer patients is continuing and the company is also developing other cancer therapies. Results from the breast cancer trial are expected in the second quarter of next year.
"We continue to believe that CoFactor improves 5-FU-based chemotherapy and that, in the right indications and dosing regimens, CoFactor remains a viable product candidate. At this time, however, we feel that a partner for CoFactor would be better equipped to advance late stage development in first-line colorectal cancer, which represents the largest market opportunity but also the most costly and competitive clinical testing environment," said Evan Levine, chief executive officer of Adventrx.
Adventrx's share price was hammered hard a few weeks ago, after researchers for the company said CoFactor had failed the Phase IIb for colon cancer. CoFactor was designed to protect healthy cells from chemotherapy while enhancing the effectiveness of chemotherapy. Its stock dropped close to 80 percent on the trial failure news and was trading at 78 cents a share this morning.
- take a look at Adventrx's release