Onconova Therapeutics Inc (NASDAQ:ONTX) Disappoints With Phase-3 Results

Posted by Lynn Eisler February 20, 2014 0 Comment 631 views

The $214 million market capped development stage drug firm Onconova Therapeutics Inc (NASDAQ:ONTX) reported updates on its phase 3 tests on its drug target Rigosertib on 19th February. The drug has been positioned as a antidote for patients who are suffering from Higher Risk Myelodysplastic Syndromes (MDS).

Results Not Up To Expectations

The bottom line of the update was the fact that the tests which measured the relief provided b Rigosertib in comparison to alternatively available “Best Supportive Care” procedures failed to meet the expectations set out by the firm in its end point bench mark, while the Post Hoc study of the data indicated a big increase in the survival of patients who were undergoing treatment.

Next Course Of Action

Based on the phase 3 results, the drug maker has indicated that it would revert to the regulatory authorities with the updated data and discuss with them the advisability of conducting future tests on the back of current phase 3 data.

CEO Reaction

Expressing his disappointment at the weak results and outlining Onconova Therapeutics Inc (NASDAQ:ONTX) next course of action, firms Chief Executive Officer and President Ramseh Kumar, Ph.D has been quoted to have said that, “While we are disappointed that the ONTIME trial did not meet its primary endpoint, we are encouraged by the significant treatment benefit seen in the subset of patients who had progressed on or failed HMAs i.e., patients who had not responded to prior HMA treatment. We look forward to presenting additional information after data analysis is completed”.

Stock Takes Update In Stride

In spite of the lack if positive news, the stock of Onconova Therapeutics Inc (NASDAQ:ONTX) posted negligible dip in its market valuation during trading on 19th February.  The stock was trading at $13.86 per share, which was 28.3 percent above its 52 week low price point of $10.8 per share

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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