ImmunoGen, Solid Biosciences and Insys lead Wednesday’s biotech losers [MarketWatch]
ImmunoGen, Inc. (IMGN)
Last immunogen, inc. earnings: 5/1 06:30 am
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Source: MarketWatch
ImmunoGen, Solid Biosciences and Insys lead Wednesday’s biotech losers Shares of ImmunoGen Inc. led biotech’s losers on Wednesday, falling 38% in intraday trade after the company disclosed that the U.S. Food and Drug Administration had recommended it run a second Phase 3 trial of an ovarian cancer drug . A first Phase 3 trial of the biotech’s IMGN, -32.06% investigational drug, called mirvetuximab soravtansine, failed to show that patients on the therapy had better progression-free survival or overall survival than those on chemotherapy. Despite the disappointment, the company had hoped the FDA would consider approving mirvetuximab for a subgroup of patients with ovarian cancer who showed improvement while on the therapy. However, the subgroup data wasn’t enough for the FDA, which recommended during a recent meeting that ImmunoGen conduct another Phase 3 trial entirely — a costly and time-consuming endeavor that could push the approval process back years. Although the news hit Immu
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