UPDATE 1-Antisoma's leukaemia drug fails at Phase III
Says AS1413 failed to meet primary endpoint in trial
* Development of the drug will be discontinued
* Will become smaller, maximise value of other programmes
(Adds details)
LONDON, Jan 31 (Reuters) - Antisoma (ASM.L) said on Monday its acute leukaemia drug AS1413 had failed in a final stage trial and development of the medicine would be discontinued, dealing a body blow to the British biotech's prospects. Chief executive Glyn Edwards said: "This is hugely disappointing for patients, investigators, investors and employees.
"We will now become smaller and focus on maximising the value of our other programmes."
Antisoma had hoped the drug would be effective in treating patients that had a high level of resistance to other drugs.
The company, which also saw the failure of its lead prospect lung cancer drug in March, said it would immediately cut spending to preserve its cash, which stood at about 23.4 million pounds ($37.2 million) at the end of 2010. |