Zhanna Hapanovich
TRACON Pharmaceuticals (OTC:TCON) said it is discontinuing development of its oncology drug candidate envafolimab after a key clinical trial failed to meet its primary endpoint and will concentrate instead on exploring strategic alternatives for the company.
TRACON said that the study, ENVASARC, failed to meet its primary endpoint of an overall response rate of 11%. According to the company’s website, the study, also known as NCT04480502, was a Phase 2 pivotal trial evaluating the product in the treatment of sarcoma.
The biotech company said strategics options for the company may include a merger, acquisition, asset sale or other transaction. It added that if it cannot complete a strategic transaction, there was no guarantee it would continue as a going concern.
Shares of TRACON were down 15% in morning trading.