BOTHELL — The stock price of a publicly traded Bothell pharmaceutical company plunged after an announcement that its prostate cancer drug, custirsen, failed to show “significant improvements in overall survival for patients.”
OncoGenex Pharmaceuticals saw its stock decline on the NASDAQ market from a close of 90 cents a share on Monday to 48 cents a share during trading on Tuesday. The stock had recovered to 57 cents a share, down 33 percent, by mid-morning Tuesday.
“We are obviously disappointed that custirsen was unable to demonstrate a survival benefit in prostate cancer,” said Scott Cormack, president and CEO of OncoGenex, in a statement.
He thanked patients who had participated in the trials.
The company, with offices in Bothell and Vancouver, British Columbia, announced Tuesday that it has hired financial advisers MTS Health Partners to assist with “exploration of strategic alternatives.”