Aslan Pharmaceuticals: Falls to record low as cancer drug trial fails

Aslan Pharmaceuticals

11/11/2019 15:10

** U.S.-listed shares of Singapore-based drug developer
 ASLN.O  plunge 56% to record low of 91 cents after failure of
experimental cancer drug trial 
    ** Mid-stage trial testing co's experimental drug,
varlitinib, fails main goals measuring overall response and
disease progress compared with standard of care  urn:newsml:reuters.com:*:nGNX3Xj0X8
    ** Varlitinib targets biliary tract cancer, which affects
tubes that bring bile from liver to small intestine
    ** ASLN to re-look at sub-group, which appeared to show
better effectiveness during pre-planned exploratory analysis
    ** Co also shifting focus to other experimental drugs
including ASLAN004 targeting eczema, whose early-stage trial
results are expected in early 2020
    ** Brokerage SVB Leerink calls results disappointing as
patients with biliary tract cancer currently do not have many
effective treatment options
    ** However, it added results are consistent with brokerage's
expectations given lack of clear validation of drug's mechanism
and historical challenges in developing treatments for the
disease 
    ** Stock down 43.8% YTD up to Friday's close

 (Reporting by Ruhi Soni)
 ((Ruhi.Soni@thomsonreuters.com;))