Clavis, Clovis plummet on CP-4126 discontinuation

Clavis Pharma ASA (OSE:CLAVIS) and Clovis Oncology Inc. (NASDAQ:CLVS) discontinued development of CP-4126 after the product missed the primary endpoint in the Phase II LEAP trial to treat metastatic pancreatic cancer. The news sent shares of the companies sliding on Monday. Clavis slid NOK58 (88%) to NOK8, while Clovis fell $8.99 (42%) to $12.50. The partners said CP-4126 did not improve overall survival (OS) in patients with low levels of human solute carrier family 29 nucleoside transporter member 1 ( SLC29A1; ENT1) expression vs. gemcitabine -- the primary endpoint in LEAP. The partners also said there was no difference in OS between treatment arms in the overall population. The open-label, international trial enrolled 367 patients.

Clavis said it expects Clovis to return rights to CP-4126, a lipid-conjugated form of gemcitabine. The compound was also in a Phase I trial to treat non-small cell lung cancer (NSCLC). In 2010, Clovis received exclusive, worldwide rights to CP-4126 under an expanded 2009 deal with Clavis (see BioCentury Extra, Nov. 11, 2010). ...