Foghorn falls after discontinuing independent development of its cancer treatment
16/12/2024 12:48
** Shares of drug developer Foghorn Therapeutics FHTX.O
fall 37.2% to $3.33 in premarket trading
** Company says it will discontinue independent development
of its experimental drug, FHD-286, to be used in combination
with chemotherapy medication in patients with a type of blood
cancer
** In an early-stage trial, the observed response rate from
the drug "did not meet the company's threshold to continue
development by Foghorn alone" - FHTX
** Foghorn says it is evaluating partnerships and
investigator-sponsored trials to advance FHD-286
** Company expects to report results from the trial at a
medical conference in 2025
** Says it will prioritize its proprietary pipeline and
Lilly LLY.N collaboration programs
** As of September 30, company had $267.4 mln in cash, cash
equivalents and marketable securities; the cash supports the
company into 2027 - FHTX
** Up to last close, stock down 17.8% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))