NEW YORK -- Shares of Genta Inc. dropped after the small biotech drug developer said Friday that preliminary results from a late-stage clinical trial for its Genasense cancer drug failed to meet its primary endpoint.
Genta shares fell about 15 cents, or 18 percent, to about 67 cents on the Nasdaq at above-average volume. Shares have traded between 35 cents and $3.48 over the past 52 weeks, and have been consistently traded under $1 since September after the Food and Drug Administration questioned whether Genasense would offer any substantial improvement over chemotherapy.
The company said that the addition of its cancer drug Genasense to chemotherapy did not significantly improve the survival of older patients with leukemia who has not received treatment before.
Details of the study will be released at an upcoming scientific meeting.
Shares of GNTA closed today's trading at 65 cents per share or down 19%..OUCH!
I will post some specifics about the drug and how it works in a bit.....
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