PharmaMar stock tanks after PhIII ovarian cancer study flops

PharmaMar’s late-stage test of Zepsyre (lurbinectedin) has flunked the primary endpoint on progression-free survival for platinum-resistant ovarian cancer patients. And the news tanked the Spanish biotech’s share price, which plunged 32% on Friday as investors retreated in the wake of the failure.

PharmaMar had positioned the drug against topotecan or PLD (liposomal doxorubicin), but researchers say that the PFS was the same. They did spotlight an improved safety profile, though.

The drug inhibits an enzyme called RNA polymerase II and is in Phase III for non-small cell lung cancer as well as a Phase II for metastatic breast cancer.

PharmaMar has been going through a tough stretch, with the CHMP voting against an approval for their multiple myeloma drug Aplidin last December. Its market cap started the day at $389 million.

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