China's Alphamab Oncology tanks on phase III trial results

Alphamab Oncology

29/05/2024 06:46

** Shares of Alphamab Oncology  9966.HK  drop as much as 58%
to HK$2 - the stock's worst fall since listing, and a record low
    ** Stock last down 40.8%; biggest pct loser on Hang Seng
Composite Index  .HSCI  and on the Hong Kong bourse
    ** Co says a phase III clinical trial for its KN046 therapy
- KN046-303 - did not reach the preset statistical endpoint for
overall survival
    ** Co says it cannot guarantee that it will be able to
develop and ultimately market KN046 successfully
    ** KN046 is a therapy to treat advanced unresectable or
metastatic pancreatic ductal adenocarcinoma (PDAC)
    ** Hong Kong's healthcare index  .HSCIH  drops 2%, Hang Seng
Composite Index falls 1.3% and Hang Seng Index  .HIS  down 1.5%
    ** Stock down 56.9% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))