After suffering a serious setback when NOV-002 flunked a late-stage clinical trial for lung cancer earlier this year, Novelos says the same drug proved effective in combination with chemotherapy during a small Phase II trial for breast cancer. But the news failed to inspire much hope among disillusioned investors. Its shares (NVLT) were trading at 14 cents this morning.
"We are excited about this proof of concept trial and we are excited to have NOV-002 back in the game," Novelos CEO Harry Palmin said yesterday. The breast cancer trial enrolled 39 patients and tested if the preoperative use of NOV-002 in combination with doxorubicin and cyclophosphamide followed by docetaxel could at least double the complete response rate. Palmin added that the company would discuss the outlines of a bigger placebo trial with the FDA.
Back in February shares of Novelos were hit hard after the Newton, MA-based Novelos announced that NOV-002 had failed a late-stage trial for lung cancer. The biotech company shelved that program a month later.