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Saturday, November 27, 2021

Galera Therapeutics plummeted 73% on Tuesday: explore why - Invezz

Last updated Tuesday, October 19, 2021 10:57 ET , Source: NewsService

  • Galera Therapeutics' Avasopasem trial did not meet its primary endpoint.
  • Avasopasem Manganese was shown to be well-tolerated in patients.
  • Shares of the U.S. firm tanked more than 70% on Tuesday morning.

Shares of Galera Therapeutics Inc (NASDAQ: GRTX) tanked 73% on Tuesday after the company said its Avasopasem trial did not meet the primary endpoint.

Avasopasem does not ‘significantly’ reduce the incidence of SOM

Galera was running a Phase III trial for Avasopasem Manganese in patients with locally advanced head and neck cancer (HNC) in hopes that it will reduce the incidence of severe oral mucositis (SOM).

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This morning, however, CEO Mel Sorensen said results of the trial show Avasopasem to not have a “significant” impact on the incidence of SOM.

While the data, as in previous trials, showed reductions in the incidence, duration and severity of SOM, we are surprised and disappointed that the trial did not achieve statistical significance in its primary endpoint.

Last week, Galera appointed two new executives with over 25 years of leadership experience in the biopharmaceutical industry.

Avasopasem is well-tolerated

The trial that included 455 patients in total established Avasopasem as well-tolerated versus the placebo. The Pennsylvania-based firm is continuing to analyze the results, it said in the press release on Tuesday.

The study also showed Avasopasem to...



Read Full Story: https://invezz.com/news/2021/10/19/galera-therapeutics-plummeted-73-on-tuesday-explore-why/

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