Relay Therapeutics falls as efficacy data for cancer drug disappoints

Relay Therapeutics

18/04/2023 18:39

** Shares of drug developer Relay Therapeutics Inc  RLAY.O 
fall 33.5% to all-time low of $12.16, among top pct. losers
across U.S. exchanges 
    ** Co says that data supports initial clinical proof of
mechanism, showing that cancer candidate RLY-2608 has initial
safety and tolerability profile
    ** Adds that partial response was achieved with monotherapy
in breast cancer patient with 12 lines of prior therapy
    ** Stock falls as investors were expecting the data to
provide better idea on efficacy of the drug candidate
    ** "Overall I think the safety side is very intriguing, the
efficacy side is complicated at the moment and I think that led
to the sell off," says JMP Securities analyst Silvan Tuerkcan
    ** Co adds with doses achieving target exposure, there was
no observed Grade 3 hyperglycemia, rash or diarrhea, the three
most common adverse events 
    ** RLAY to continue dose escalation and expects to initiate
expansion cohorts in H2 2023
    ** Stock down ~18% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))