Xenova cancer blow
Xenova lost over half of its value on the London Stock Exchange after the UK biotechnology company revealed a late-stage study of its lead cancer drug Tariquidar would be stopped.
Xenova lost over half of its value on the London Stock Exchange after the UK biotechnology company revealed a late-stage study of its lead cancer drug Tariquidar would be stopped.
Shares in the company fell after Canadian partner company QLT halted clinical trials on NSCLC lung cancer patients.
Data from the 300 NSCLC patients will now be un-blinded, a process that is expected to take days rather than weeks, to allow the companies to make a decision about the future of tariquidar, although a Phase IIb study in chemo resistant breast cancer continues. Xenova has revealed that this smaller trial will enrol up to 30 patients, with an update to be unveiled at the ASCO meeting at the end of the month.
Xenova also announced that it will have to reduce its operating costs, including job cuts and a product pipeline reshuffle to focus on its key late stage devel-opment programmes. Chief executive, David Oxlade, said that although the firm was not expecting the Committee's negative news, it has had a contingency plan in place. Cost reductions are expected to be 'substantial', with most staff likely to be made redun-dant from research operations in Slough and Cam-bridge.