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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