UPDATE 1-Cancer drug flop sends Ipsen, Active Biotech shares skidding
LONDON, April 16 (Reuters) - Shares in French drugmaker Ipsen and its Swedish partner Active Biotech fell sharply on Thursday after the companies announced an experimental medicine had failed to extend lives for prostate cancer sufferers.
As a result, the partners said they had decided to discontinue all studies of tasquinimod in prostate cancer, torpedoing sales hopes for a product that had already reached the final Phase III stage of clinical testing.
Ipsen stock was down 10 percent in early trade while Active Biotech, which originally developed the drug, slumped 60 percent.
Tomas Leanderson, chief executive of Active Biotech, said the Phase III study result was a major disappointment, given that the drug had shown promise in earlier stages of testing.
"However, the data at hand is unambiguous and cannot motivate further development of tasquinimod in this patient population," he said.
LONDON, April 16 (Reuters) - Shares in French drugmaker Ipsen and its Swedish partner Active Biotech fell sharply on Thursday after the companies announced an experimental medicine had failed to extend lives for prostate cancer sufferers.
As a result, the partners said they had decided to discontinue all studies of tasquinimod in prostate cancer, torpedoing sales hopes for a product that had already reached the final Phase III stage of clinical testing.
Ipsen stock was down 10 percent in early trade while Active Biotech, which originally developed the drug, slumped 60 percent.
Tomas Leanderson, chief executive of Active Biotech, said the Phase III study result was a major disappointment, given that the drug had shown promise in earlier stages of testing.
"However, the data at hand is unambiguous and cannot motivate further development of tasquinimod in this patient population," he said.
IPSEN - FRENCH Failure Once Again
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