Tokai’s prostate can­cer drug im­plodes in PhI­II de­ba­cle

Just short of two years af­ter Boston-based Tokai Phar­ma­ceu­ti­cals $TKAI raised $97 mil­lion in an IPO, the small-cap biotech says its lead drug has im­plod­ed in Phase III. The news evis­cer­at­ed the biotech’s shares, which dropped 70% in pre-mar­ket trad­ing.

The da­ta mon­i­tor­ing com­mit­tee has con­clud­ed that galeterone won’t make much of a dif­fer­ence in the pro­gres­sion-free sur­vival of pa­tients with cas­tra­tion-re­sis­tant prostate can­cer, and the biotech is slam­ming the brakes on the AR­MOR3-SV study, ef­fec­tive­ly shred­ding Tokai’s busi­ness plan.

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