Those NDA plans Odonate had for mid-'21? They're being scrapped — along with the entire biotech — in a sudden implosion
Last summer, San Diego-based Odonate $ODT CEO Kevin Tang enthusiastically sought to bolster investors’ enthusiasm for the company with what the biotech called “a potential important clinical advance for patients with metastatic breast cancer.” Their late-stage study had hit the primary endpoint, the company noted, and they were laying the groundwork for an NDA in mid-2021.
That message didn’t work so well, though, as investors trimmed the company’s market cap considerably from its earlier, high-flying ways. But it was still in the game with a market cap north of $730 million — until this morning. The stock collapsed, eviscerating 75% of its value ahead of the bell in a slide down to cash.
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