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Spectrum Pharmaceuticals shares slide 57% after lung cancer trial misses goals

December 27, 2019


Shares of biopharmaceutical company Spectrum Pharmaceuticals Inc. slid more than 57% Thursday to mark their worst performance in 17 years, after the company said a mid-stage trial of a treatment for non-small cell lung cancer (NSCLC) missed its main goal.

The move was the stock’s second-biggest, one-day percentage decline after it tumbled 64% on April 29, 2002.

Henderson, Nevada-based Spectrum SPPI, -60.00% said a phase 2 trial dubbed Zenith20 evaluating its poziotinib therapy in previously treated NSCLC patients failed to meet its main goal in the first group of 115 patients receiving 15 mg a day. Only about 15% of the patients in the trial responded to the therapy, the company said in a statement.

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