Theseus Pharmaceuticals (NASDAQ:THRX) stock is falling hard on Friday after the company announced poor results from a Phase 1/2 clinical trial.
According to a press release from Theseus Pharmaceuticals, the company is no longer enrolling patients in its clinical trial for THE-630 in patients with gastrointestinal stromal tumors (GIST). The company also says it will be terminating the development of THE-630 for this use case.
Theseus came to this decision after reporting several negative events in its clinical trial. That includes one patient experiencing grade 3 hand-foot skin reaction. This saw it expand the cohort, which then included another patient that experienced grade 2 hand-foot skin reaction.
Theseus Pharmaceuticals says that these reactions show that THE-630 at 27 mg “exceeds the maximum tolerated dose.” Unfortunately, the company also says that the treatment doesn’t have a differentiated profile at doses below that.
Tim Clackson, Ph.D., President and CEO of Theseus Pharmaceuticals, said the following about the news:
“We are disappointed that we will not be able to achieve the target exposure for pan-variant inhibition with THE-630, as we continue to believe a therapy with potent activity against all major classes of activating and resistance mutations in KIT has the potential to confer significant clinical benefit, given the unmet need in GIST.”
What This Means for THRX Stock
News of the negative clinical trial results is a major blow to THRX stock today. This has the stock falling 67.8% as of Friday morning with some 862,000 shares on the move. For comparison, the company’s daily average trading volume is about 219,000 shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
