Progenics Pharmaceuticals Inc (NASDAQ:PGNX) shares dropped double digits after announcing its Phase 3 clinical trial for its prostate cancer imaging agent had failed.
Shares of Progencs were halted Wednesday in after-hours trading before falling sharply following the announcement.
Its shares continued falling in Thursday pre-market trading, dropping more than 18% to US$5.97.
The clinical trial found that its 1404 imaging agent was supposed to be able to detect prostate cancer with a 60% or higher sensitivity but fell in the range of 47% to 51%.
"These top line Phase 3 results of 1404 are inconsistent with the prior Phase 2 data, which showed significantly higher sensitivity rates," said CEO Mark Baker in the company’s press release.
The imaging agent was able to detect the absence of prostate cancer ahead of the study’s target, having a specificity of 71% to 75% compared with the 60% target.
The New York-based oncology company develops medicines and imaging analysis technology to detect and treat cancer.