Exelixis falls on Cometriq CRPC update
Exelixis Inc. (NASDAQ:EXEL) fell $2.54 (39%) to $3.90 on Wednesday after an independent DMC said the Phase III COMET-1 trial evaluating Cometriq cabozantinib for metastatic castration-resistant prostate cancer (CRPC) did not meet criteria to support early trial unblinding. The DMC recommended continuing the trial based on a planned interim analysis of the primary overall survival (OS) endpoint. A final analysis is scheduled when there are 578 events, with data expected this year. The trial enrolled 960 patients and is comparing Cometriq vs. prednisone in patients who have progressed following treatment with docetaxel, Zytiga abiraterone from Johnson & Johnson (NYSE:JNJ) or Xtandi enzalutamide from Medivation Inc. (NASDAQ:MDVN) and partner Astellas Pharma Inc. (Tokyo:4503).
Exelixis markets Cometriq in the U.S. to treat progressive, metastatic medullary thyroid cancer (MTC). On Tuesday, the European Commission conditionally approved the drug -- a spectrum-selective kinase inhibitor of VEGF receptor 2 ( KDR/Flk-1) and c-Met receptor tyrosine kinase -- for progressive, unresectable, locally advanced or metastatic MTC (see BioCentury Extra, March 25). ...