Theseus Pharma down on discontinuing study of stomach cancer drug

Theseus Pharmaceuticals

13/07/2023 22:10

** Theseus Pharmaceuticals'  THRX.O  shares fall 74% to
$2.50 after market
    ** Drug developer says it is discontinuing enrollment in
ongoing early-to-midstage study and terminating development of
its experimental drug to treat stomach cancer
    ** Company made the decision following two dose-limiting
toxicities related to hand-foot skin reaction 
    ** Company has $234 million in cash, cash equivalents as of
June 30, 2023
    ** THRX said it is prioritizing development of drug to treat
a type of lung cancer, and plans to submit application to
initiate the study in Q4 2023
    ** As of last close, stock up ~91% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com))