FibroGen falls as its cancer drug fails in two studies

Kyntra Bio

30/07/2024 23:02

** Shares of drug developer FibroGen  FGEN.O  fall 48% to 53
cents after the bell 
    ** Company to terminate development of its experimental
cancer drug pamrevlumab and will "wind down any remaining
pamrevlumab obligations"       
    ** The drug did not meet the main goal in a mid-to-late
stage study in patients with a type of pancreatic cancer 
   ** The mid-stage study compared a combination of pamrevlumab
and chemotherapy to chemotherapy alone  
   ** Pamrevlumab also did not meet the main goal of overall
survival in a late-stage study testing it in patients with
pancreatic cancer 
   ** Based on results, company plans to implement an immediate
and significant cost reduction plan; to reduce its workforce in
the U.S. by about 75%
   ** Up to last close, stock up 16.2% YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))