Oncternal And SpringWorks Among Early ASCO Winners And Losers
SpringWorks Declines Despite Positive Results
While the big pharma names dominate the ASCO cancer congress, it is also a chance to shine for emerging small-to-medium biopharma companies.
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Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.
While adagrasib showed decent efficacy in its pivotal study in NSCLC, some analysts said its inability to outperform Amgen’s Lumakras and its safety profile leave little room for differentiation.
Hopes rise as first four evaluable patients experienced no serious adverse events, and a sustained decline in level of key Huntington’s disease protein with the novel gene therapy product.