Biotech Dives After Lung Cancer Regimen With Bristol Disappoints

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Mirati Therapeutics (MRTX) crashed Monday after its immunotherapy cancer treatment with Bristol-Myers Squibb's (BMY) Opdivo disappointed in lung cancer.

In morning trading on the stock market today, Mirati stock tumbled 23%, near 30.80, in higher-than-average volume. Bristol stock sank 5.7%, near 51.25.

The test featured Mirati's experimental drug, called sitravatinib, added to Opdivo in patients with non-small cell lung cancer. The 56 patients in the study had already worsened on a prior immunotherapy cancer treatment.

Nine patients had confirmed partial or complete responses to the cancer treatment. An additional two patients responded, but researchers haven't confirmed those responses. Five more patients had partial or complete responses that Mirati won't confirm.

A total 45 patients had tumor reductions, with 18 showing tumor shrinkage of more than 30%, Mirati said in a news release.

Of the 56 patients, 26 continued on the cancer treatment regimen at the data cutoff, including eight of the responding patients. Six of those responding patients had been treated for more than six months, and two received treatment for more than a year.

Next, Mirati plans to begin a Phase 3 study. The test will compare its immunotherapy drug plus Opdivo against a type of chemotherapy in the same lung cancer population.

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