Shares of Peregrine Pharma (PPHM) plunged more than 24% in Thursday morning trading after the company revealed disappointing results from a clinical trial of its anti-cancer treatment.
In a statement, the company said that an analysis of a Phase II clinical trial that contrasted the effects of its bavituximab drug, administered to lung cancer patients in combination with carboplatin and paclitaxel, produced a median overall survival rate of over 14 months. Another set of patients in the trial received carboplatin and paclitaxel alone.
The company noted that the “there was not a meaningful enough difference in survival between the two arms of the trial that would support the advancement of this combination.”
Peregrine said it is moving forward with a 600-patient randomized, double-blind, placebo-controlled Phase III clinical trial of bavituximab combined with docetaxel. The trial will contrast the effect of the combined medication against patients taking docetaxel by itself.
The company noted that as of June 24, it had $42 million in cash on hand, up from $26.3 million at the end of January.