Oncothyreon Inc. announced disappointing results of a trial of its lung cancer drug and shares in the Seattle biotech plummeted on the news.
Oncothyreon (NASDAQ: ONTY) said a clinical trial of its L-BLP25 drug known as START "did not meet its primary endpoint of an improvement in overall survival in patients with unresectable, locally advanced stage IIIA or stage IIIB non-small cell lung cancer (NSCLC)."
Shares in Oncothyreon plunged more than 55 percent in early Wednesday trading, falling $2.50 to $2.00.
"These results from the START trial are disappointing, both for patients with NSCLC and for the many who have been involved in the L-BLP25 program," said Dr. Robert Kirkman, president and CEO of Oncothyreon, in a statement.
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