Mateon punts failed late-stage cancer drug, axes staffers; Medivir boosted by osteoarthritis data

⇨ The penny stock biotech Mateon Therapeutics $MATN, formerly OxiGene, says it is scrapping a Phase II/III ovarian cancer study of CA4P in combination with Avastin after a recent futility announcement. The biotech says it will now shelve the drug and needs to ax 60% of its staff while senior execs take a 50% pay cut to preserve capital as they shift focus to another therapy in the pipeline.

⇨ Just a few days after seeing its stock price take a hit on J&J’s decision to scrap a late-stage hep C cocktail which it had contributed to, Medivir $MVIR got a boost from positive top line data for MIV-711 in patients with moderate knee osteoarthritis.

 Novo Nordisk says that regulators in China have OK’d the sale of its drug Tresiba. The long-acting insulin can now be marketed in what Novo calls the biggest single diabetes market in the world.

The best place to read Endpoints News? In your inbox.

Comprehensive daily news report for those who discover, develop, and market drugs. Join 35,600+ biopharma pros who read Endpoints News by email every day.

Free Subscription

Biotech Investment Analyst
SV Health Investors Boston, MA
Research Scientist - Disease Biology
Recursion Pharmaceuticals Salt Lake City, UT
Senior Scientist - Predictive Pharmacology
Recursion Pharmaceuticals Salt Lake City, UT
Director, Translational Sciences
Cadent Therapeutics Cambridge, MA
Director of Marketing
twoXAR Mountain View, CA

Visit Endpoints Careers ->