21st Oct 2015 09:30
LONDON (Alliance News) - Ergomed PLC said Wednesday its co-development partner Synta Pharmaceuticals has decided to terminate its ongoing phase III study in lung cancer.
However, Ergomed does not expect this to have any impact on its financial position or forecast cash flows.
Ergomed had invested in a phase II study in lung cancer, and has a minor interest in Synta's ganetespib. It retains this carried interest in the product, but is not investing or participating in the remaining four ongoing studies with the compound.
"Ergomed has four other co-development partnerships that are proceeding to plan and continues to plan to completing more partnerships in the future. Ergomed's balanced risk model means that it can operate effectively in the challenging drug development sector and be relatively unaffected by the fluctuating clinical trial results that are inherent," the company said in a statement.
Shares in Ergomed were down 1.8% at 157.10 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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