Odonate to shut shop after scrapping lead drug, shares sink to record low

Odonate

22/03/2021 17:56

(Updates)
    ** Drug developer's shares  ODT.O  crash 78.8% to a record
low of $4.04, making them the biggest loser across U.S.
exchanges 
    ** Odonate says it will wind down operations and discontinue
the development of tesetaxel, its lead and sole drug for
patients with breast cancer  urn:newsml:reuters.com:*:nBw8M4YZqa
    ** U.S. FDA said the data for tesetaxel is unlikely to
support approval - ODT
    ** Jefferies analysts say the FDA's comments could add some
regulatory risk around review for Gilead Sciences Inc's  GILD.O 
breast cancer drug Trodelvy
    ** For ODT, co could become a shell that could be used as a
reverse-merger candidate, which is common for companies with
cash - Jefferies
    ** Including session's losses, ODT stock down ~80% this year

 (Reporting by Manas Mishra and Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com; within U.S. +1 646 223
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