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Exelixis plummets on Cometriq miss

September 3, 2014 1:20 AM UTC

Exelixis Inc. (NASDAQ:EXEL) fell $2.29 (55%) to $1.85 on Tuesday after top-line data showed its Cometriq cabozantinib missed the primary endpoint in the 960-patient Phase III COMET-1 trial to treat metastatic castration-resistant prostate cancer (CRPC) that has progressed following other treatment.

Cometriq led to a median overall survival (OS) of 11 months vs. 9.8 months for prednisone (p=0.212). ...