BioCentury
ARTICLE | Clinical News

Geron discontinues GRN1005

December 4, 2012 3:41 AM UTC

Geron Corp. (NASDAQ:GERN) discontinued development of GRN1005 after the compound produced no confirmed intracranial responses in a planned interim futility analysis of the first 30 evaluable patients with brain metastases arising from metastatic breast cancer in the Phase II GRABM-B trial. Geron also discontinued the Phase II GRABM-L trial evaluating GRN1005 in patients with brain metastases arising from non-small cell lung cancer (NSCLC). The company said it sent partner Angiochem Inc. (Montreal, Quebec) notice of termination of the 2010 deal granting Geron rights to the peptide conjugated to three paclitaxel molecules for receptor-mediated transport into the brain. Angiochem, which said it hopes to make a decision on the program in 1H13, said there were no payments made as a result of the termination. Geron, which made the announcement after market close, was up $0.07 to $1.48 on Monday. In early after-hours trading, the stock fell $0.35 (24%) to $1.13.

Geron said it will reduce headcount by 43 (40%) to 64 to focus on development of imetelstat in hematologic myeloid malignancies and in patients with solid tumors that have short telomeres. As part of the headcount reduction, CFO Graham Cooper will leave the company. Olivia Bloom, VP of finance, chief accounting officer and treasurer, will assume the role of CFO effective Dec. 7. The company expects to end 2012 with about $90 million in cash and investments. At Sept. 30, Geron had $100.5 million in cash and marketable securities and a nine-month operating loss of $53.3 million. ...