Polyphor mulls future after remaining drug prospect fails cancer trial

Spexis AG

28/06/2021 06:36

ZURICH, June 28 (Reuters) - Polyphor's  POLN.S  board of
directors is reviewing the company's prospects, the Swiss
drugmaker said on Monday, now that its main remaining asset has
also failed a trial in a type of breast cancer.
    The failure of balixafortide in patients with advanced HER2
negative breast cancer follows the devastating flop of its top
antibiotic hopeful in 2019, which proved too dangerous for
patients to continue.
    This latest blow is a stark reversal from 2018, when the
company was riding high on its antibiotic's hopes and launched
an IPO as it won a Swiss award for innovation leadership among
biotechnology start-ups. 
    The shares, even before Monday's balixafortide failure, were
trading at 7.35 Swiss francs, a fifth of levels reached after
the company floated its shares.
    "The board of directors is undergoing a strategic assessment
and will consider a full range of options regarding the future
of the company and will provide an update not later than end of
July," Polyphor said.

 (Reporting by John Miller; Editing by Michael Shields)
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))