Tracon shares slammed by PhII bust in brain cancer study; Visterra yanks its IPO in back-to-back duds
• Shares of San Diego-based Tracon $TCON got slammed this morning after investigators said that the Phase II NCI study of TRC105 in recurrent glioblastoma failed. The study was designed to detect if a combination of TRC105 and Avastin could substantially improve the progression-free survival rate of patients over what would be expected for Avastin alone. That didn’t work. The stock was down 21% in early trading Friday.
• Cambridge, MA-based Visterra has pulled its $50 million IPO, according to Renaissance Capital. Following in the footsteps of Braeburn’s pullback, that makes two IPO duds in a row, which is raising new fears that the 2017 biotech market could be headed for fresh woes.
• Kitov $KTOV has put out a statement on a recently disclosed formal investigation by the Israeli Securities Authority into its public disclosures “around certain aspects of the studies related to its lead drug candidate, KIT-302. To the best of the Company’s knowledge, the focus of the investigation is on matters in connection with the Data Monitoring Committee (DMC) appointed in connection with the Company’s Phase III trial of KIT-302, the results of which were announced in December 2015, and what information was disclosed publicly by Kitov.”