Tomahawk, WI 3/26/2013 (Expedated) – The boys of spring are on the diamonds and the sounds of baseball fill the air. As we head into Tuesday there are a lot of companies out there taking a big swing for the fences and some are striking out. Lets take a look.
Trying to get out of the inning intact, we find shares of Ziopharm Oncology Inc. (ZIOP) sinking like a slider down over 60% in morning trading. It looks like the runner will be thrown out at the plate as the company has just announced that its most advanced product, the potential cancer treatment palifosfamide, failed in a late-stage study.
This news has brought a change in the lineup to Ziopharm’s game and strategy as they have said they immediately plan to switch their strategic focus to synthetic biology programs and start a restructuring program to muster resources for that.
With no products on the market, and having lost more than half their value it could be tough to get out of the inning.
Palifosfamide was being studied as a treatment for patients with soft tissue sarcoma, which is a cancer that forms in connective tissue. Today the company reported that the drug missed its main goal of improvement in progression-free survival, which measures the time before a disease progresses or the patient in the study dies. It said full data from the study will be submitted for scientific journal publication.
Ziopharm will continue to study the drug in mid-stage trials as possible a possible treatment for forms of lung, testicular and ovarian cancers.
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