Threshold Pharmaceuticals, Inc. (NASDAQ:THLD) shares are down big in early morning trading after the company’s Phase 3 cancer studies have provided “disappointing” results. The company announced results of two of their Phase 3 studies today for MAESTRO and Th-CR-406/SARC021 of evofosfamide, which is a drug that is being tested for advanced pancreatic adenocarcinoma and soft tissue sarcoma.
Threshold Pharmaceuticals, Inc.’s (NASDAQ:THLD) Phase 3 study for MAESTRO, patients did NOT show any improvement (statistically) over the placebo for overall survival. This comes as a huge disappointment for investors in the company, as they had been hanging their hats on this drug among others.
For Phase 3 of TH-CR-406/SARC021, patients did not show any improvement over those who just received doxorubicin alone, leaving investors unsure about the direction of this company.
“We are surprised and disappointed that these studies did not show that evofosfamide could extend the lives of patients with these two difficult-to-treat diseases,” said Barry Selick, Ph.D., Chief Executive Officer at Threshold. “Threshold has been pursuing evofosfamide for over ten years in collaboration with world-class scientists and investigators throughout the world. While we believe there remains substantial data to support the role of hypoxia in cancer treatment resistance, we are deeply frustrated with our inability in these trials to impact that in a meaningful way. I would like to thank all of the patients and their families, and the physicians, nurses, and support staff who participated in these studies.”
The stock is down 80.84% or $2.7 following the news, hitting $0.64 per share. About 3.12M shares traded hands or 288.30% up from the average. THLD has declined 4.30% since May 4, 2015 and is downtrending. It has underperformed the S&P500 by 1.52%.
Threshold Pharmaceuticals, Inc. is a biotechnology firm engaged in the discovery and development of therapeutic agents that selectively target tumor cells for the treatment of patients living with cancer. The company has a market cap of $45.74 million. Threshold’s investigational small molecule, evofosfamide, is being evaluated in two Phase III clinical trials, one registrational Phase II clinical trial and various earlier-stage clinical trials for the treatment of various diseases, such as soft tissue sarcoma, pancreatic cancer, non-squamous non-small cell lung cancer (n-s NSCLC), advanced melanoma, multiple myeloma and advanced solid tumors. It currently has negative earnings. Threshold has also licensed rights to a development program based on the clinical-stage oncology compound TH-4000, a hypoxia-targeted epidermal growth factor receptor (EGFR), tyrosine kinase inhibitor.