OncoMed Pharmaceuticals, Inc. (NASDAQ: OMED) shares are down 19% after the company reported top-line results from the phase 2 PINNACLE clinical trial of tarextumab in previously untreated patients with extensive-stage small cell lung cancer. The combination of tarextumab plus chemotherapy results were undifferentiated from those of chemotherapy plus placebo, which means the trial did not meet its primary endpoint of progression-free survival or secondary endpoints of overall survival and biomarkers reflective of Notch pathway gene activation. Additionally, the company said it is discontinuing enrollment in the phase 1b clinical trial of brontictuzumab in combination with trifluridine/tipiracil in third-line colorectal cancer patients. The combination of brontictuzumab plus chemotherapy was not tolerable in this patient population. “Based on the events of today and last week, we will be undertaking a comprehensive portfolio prioritization review immediately,” OncoMed chairman and CEO Paul J. Hastings stated in the news release.
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About OncoMed Pharmaceuticals
OncoMed Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics. OncoMed has internally discovered a deep pipeline of investigational drugs intended to address the fundamental biology driving cancer’s growth, resistance, recurrence and metastasis. As part of a broad strategic alliance with Celgene Corporation, the company is developing demcizumab (anti-DLL4, OMP-21M18), navicixizumab (anti-DLL4/VEGF bispecific, OMP-305B83), rosmantuzumab (anti-RSPO3, OMP-131R10) and anti-TIGIT (OMP-313M32). OncoMed is independently developing several other therapeutic candidates while pursuing drug discovery research. For further information about OncoMed Pharmaceuticals, please see www.oncomed.com.
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