Allos Therapeutics, Inc. (ALTH-NASDAQ) is indicated down almost 20% in thin pre-market trading after it announced that top line results from ENRICH, the Company’s pivotal Phase III study of EFAPROXYN plus whole brain radiation therapy (WBRT) in women with brain metastases originating from breast cancer. The study failed to achieve its primary endpoint of demonstrating a statistically significant improvement in overall survival in patients receiving EFAPROXYN plus WBRT, compared to patients receiving WBRT alone. All secondary efficacy endpoints also failed to achieve statistical significance.
Based on these results, Allos intends to discontinue the development of EFAPROXYN and focus on advancing the development of PDX (Pralatrexate), its novel antifolate currently under evaluation in a pivotal Phase 2 study in patients with relapsed or refractory peripheral T-cell lymphoma (PTCL).
Allos has essentially no revenues and as of last quarter it had $75.8 million in cash and short term investments and about $6 million in total liabilities. Before today’s drop the market cap was $370 million. The good news is that the company is still in the running here with another product candidate and that it still has plenty of cash. The bad news is that it is now in a spot where it has only the hope of a one-hit wonder potentially and is still worth more than 4-times its liquidity after just blowing a Phase III trial.
Jon C. Ogg
June 19, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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