Scandion's shares fall after oncology biotech reports PhII fail
2022-10-03
Danish biotech Scandion Oncology posted some Phase II results on Friday, and investors were none too pleased.
The biotech reported topline results from the second part of an ongoing Phase II trial called CORIST. The study was investigating Scandion’s lead candidate SCO-101 in 25 patients as a combination treatment with FOLFIRI chemotherapy in metastatic colorectal cancer. And so far, the study did not meet the biotech’s primary endpoint: tumor reduction of at least 30%.
Scandion, looking to prop up other pockets of the data package, touted evidence in secondary endpoints — specifically prolonged progression free survival and stable disease. However, it does not look like those endpoints were met, either.
Almost immediately after reporting the results, investors sent the stock $SCOL, currently trading on the Stockholm Stock Exchange, down 60%. It has now risen slightly, but still down more than 50% since Friday.
The current price is 2.57 Swedish krona, or about 23 cents USD.
In the meantime, Scandion attempted damage control, saying that patients are still participating in the study and that the “topline results are not final.”
Acting CEO Johnny Stilou said in a statement that the company is still going to pursue developing the drug — pushing the trial further along “as planned.”
As for what that looks like, Part III of the Phase II trial will enroll up to 36 patients, looking at increased doses of both the drug and chemotherapy. Scandion also noted that it expects to enroll its first patient in the near future and finish part III of the trial by Q3 next year.
The clinical fail is the next development for the company after both the COO and CEO stepped down from their positions. Ex-COO Maj Hedtjärn, a former Roche veteran who was also the head of R&D operations at Scandion, announced that she would be leaving the company on Aug. 30 “to pursue opportunities outside of Scandion.” That departure was slated to be no later than the end of the year to give Scandion time to “plan the optimal future setup for handling her tasks and responsibilities.”
As for ex-CEO Bo Rode Hansen, he stepped down the following day on Aug. 31 immediately. Stilou, the CFO, took over as acting CEO as Scandion is looking for a new replacement to helm the company.
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