Shares of IDM Pharma took a beating Wednesday afternoon after an FDA advisory council turned thumbs down on its bone cancer drug Junovan. In a lopsided vote against the therapy, the cancer experts said that Phase III data failed to demonstrate that the drug worked in non-metastatic, resectable osteosarcoma patients receiving combination chemotherapy. IDM says it expects a final and formal decision from the FDA in August, but investors weren't waiting for that, selling off shares as the company's stock plunged 42 percent.
- see this release on the rejection
- read the AP report on Junovan
ALSO: DOR BioPharma's orBec also failed to convince its FDA panel that the therapy demonstrated substantial efficacy for GI GVHD. DOR's stock has been badly damaged in recent days by orBec's poor performance in a late-stage study. Release | Report
IDM Pharma Raises $12.8 Million In Private Placement. Report