Syndax shares soar as lead drug clears a mid-stage cancer drug study hurdle
Briggs Morrison has good reason today to be glad he left the Big Pharma R&D world behind at AstraZeneca and switched to biotech. The CEO of Waltham, MA-based Syndax reported that the company’s lead drug in combination with Merck’s Keytruda cleared its first big hurdle in Phase II and will now transition into the second phase of the study.
News of the success with its HDAC inhibitor entinostat, which involves at least a few partial or complete responses in patients, delivered a whopping 55% spike to its share price $SNDX. But as the day wore on, that surge moderated somewhat. The stock closed up 44%.
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