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Health and Healthcare

Onyx Pharma Tumbles As Skin Cancer Drug Fails Phase III

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

From BioHealth Investor

Shares of Onyx Pharmaceuticals (ONXX) dropped more than 30% on Monday after the company announced at a teleconference that its phase III clinical trial evaluating its cancer drug Nexavar failed to treat advanced skin cancer in patients in combination with chemotherapy.

Nexavar, which is co-developed with Bayer (BAY), is already approved to treat kidney cancer.

Both companies are still intent on broadening the potential uses of Nexavar. A late stage trial evaluating its use alone in non-small cell lung cancer was initiated earlier this year, and enrollment for a another late stage study in lung cancer in combination with chemotherapy.

Bayer was very optimistic about Nexavar’s sales potential for the upcoming year as it announced back on November 27 that it expects the drug to reach blockbuster status. In pharma jargon that means it could reach $1 billion in annual sales.

It is not clear how this latest setback will affect that goal.

Shares of Onyx ended trading at $12.18. The stock reached a new 52-week low during the day’s trading.

http://www.biohealthinvestor.com/

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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