picoplatin Lung Cancer Drug Flunks Study

Boston (DbTechNo) - Results of a study featuring an experimental lung cancer drug developed by Poniard are not promising.

Shares of the company tanked by 80% upon news of the failed study of the experimental drug, picoplatin.

The drug was being tested in a study of patients diagnosed with small cell lung cancer, and the company was hoping for positive results so it could find funding for additional studies.

The drug was hopefully to be marketed for doctors to prescribe to patients whose lung cancers had recurred after initially being suppressed.

“The data indicates that more patients on the best supportive care arm received chemotherapy following progression than those on the picoplatin arm,” Chief Executive Jerry McMahon said.

“We believe that this may have been a significant factor contributing to the trial outcome, as picoplatin appeared to demonstrate a trend toward a survival advantage,” he added.