Endocyte plummets on Vynfinit update
Endocyte Inc. (NASDAQ:ECYT) fell $10.76 (62%) to $6.62 on Friday after the company and partner Merck & Co. Inc. (NYSE:MRK) suspended the Phase III PROCEED trial evaluating Vynfinit vintafolide in combination with doxorubicin to treat folate receptor-positive platinum-resistant ovarian cancer. The move came after an independent DSMB recommended stopping the trial early for futility based on a pre-specified interim futility analysis of 250 patients showing that Vynfinit plus doxorubicin "did not demonstrate efficacy" on the primary endpoint of progression-free survival (PFS).
On a conference call to discuss the data and its 1Q14 financial results, which were also released on Friday, Endocyte said PFS in the Vynfinit arm was consistent with that reported in the Phase II PRECEDENT trial in the indication, but the placebo arm in PROCEED had a higher PFS than in PRECEDENT. ...