Oncopeptides plummets on Pepaxto withdrawal in U.S., scale down plan

Oncopeptides AB

22/10/2021 14:23

** Shares of Oncopeptides  ONCO.ST  shoot down 65% after the
Swedish biotech firm said it would withdraw its anticancer drug
Pepaxto in the United States and scale down its organisation
 urn:newsml:reuters.com:*:nFWN2RI0RE
    ** "During our dialogue with FDA it has become evident that
the FDA does not consider that the phase 3 OCEAN study meets the
criteria of a confirmatory study," the company said in a
statement
    ** Oncopeptides plans to scale down its organisation to
increase cash runway, and refocus the company by returning to
being a Sweden based R&D company
    ** The stock, which has lost 94% its value this year, is on
track for its worst day ever

 (Reporting by Milla Nissi)
 ((milla.nissi@tr.com))