Shares in Argos Therapeutics Inc (NASDAQ:ARGS) plunged 62% in pre-market trade in the US today after saying an independent data monitoring committee recommended the Phase 3 trial of its kidney cancer treatment be discontinued for futility.
Based on interim data analysis, the committee determined that the study on rocapuldencel-T, a treatment for renal cell carcinoma, was unlikely to demonstrate a statistically significant improvement in overall survival.
Argos said it is analysing the trial data in conjunction with its clinical and scientific advisors and will discuss it with the US Food and Drug Administration.
The biopharmaceutical company will then determine the next steps it will take for the treatment.
“We are extremely disappointed with these results, which included seventy-five percent of the targeted events needed to permit the primary analysis and assessment of overall survival in the study,” said Jeff Abbey, president and chief executive officer of Argos Therapeutics.
“We sincerely appreciate the patients and investigators who have participated in the ADAPT Phase 3 trial, and remain convinced in the ability of precision immunotherapy to improve the lives of patients.”
Story by ProactiveInvestors