Odonate: Falls on stopping development of chemotherapy drug candidate

Odonate

22/03/2021 12:46

** Drug developer's shares  ODT.O  fall 73.7% to $4.99 in
premarket trade
    ** Odonate says it will discontinue the development of
tesetaxel, its orally administered chemotherapy agent for
patients with breast cancer, and wind down its operations
 urn:newsml:reuters.com:*:nBw8M4YZqa
    ** Says the decision follows feedback from the U.S. FDA
during a pre-New Drug Application meeting
    ** Co believes clinical data package for tesetaxel is
unlikely to support FDA approval
    ** Co will work with clinical sites to transition patients
in ongoing clinical studies to alternative therapies - ODT
    ** Up to last close, ODT stock down ~1% this year

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 6132;))