Feb 19 Onconova Therapeutics Inc said
its experimental blood disorder drug did not meet the main goal
of a late-stage trial, sending its shares down 45 percent in
The company's lead drug, rigosertib, is being studied as a
potential treatment for patients with a higher risk of
myelodysplastic syndromes who had not responded to prior
Myelodysplastic syndromes is a group of blood disorders that
often precede leukemia.
The company said rigosertib did not increase the overall
survival rate in such patients when compared to patients on best
Onconova said preliminary safety analysis indicated the drug
was generally well tolerated in the trial.
In December last year, the biopharmaceutical company had
stopped the development of rigosertib for advanced pancreatic
cancer following a review of interim late-stage results.
Since then the company's shares have fallen a little more
than 15 percent and closed at $13.86 on Wednesday. The stock was
trading at $8.35 in extended trading.
(Reporting by Shailesh Kuber; Editing by Don Sebastian and