Shares of Lpath, Inc. LPTN plunged in after-market trading following the company’s announcement of dismal results from a phase IIa study on oncology candidate, Asonep.
The single-agent open-label study on Asonep enrolled patients suffering from renal cell carcinoma (RCC), who had previously failed treatment with at least one anti-vascular endothelial growth factor agent (such as Sutent) and no more than one mTOR inhibitor (such as Afinitor). Cancer progression in this patient population is usually pretty rapid within a one- to two-month time frame.
However, the study did not meet its primary endpoint of a statistically significant progression-free survival in patients with advanced RCC.
The company will decide on the future of the candidate on completion of the RCC trial.
We note that the phase I and phase IIa trials on Asonep were partially funded by a $3 million grant from the National Cancer Institute.
We remind investors that Asonep is a systemic formulation of sonepcizumab. Currently, Lpath is developing, iSonep, an ocular formulation of sonepcizumab, which was discovered by Lpath's ImmuneY2 drug-discovery engine. The candidate is being developed for the treatment of wet age-related macular degeneration in a phase II study.
Lpath has an agreement with Pfizer PFE for iSonep, whereby the latter has an exclusive option for a worldwide license to develop and commercialize iSonep.
Since Lpath does not have any approved products in its kitty yet, failure of the phase II study on Asonep was quite disappointing. We expect investor focus on further updates from the company.
Some favorably-placed stocks in the health care sector include ANI Pharmaceuticals, Inc. ANIP and Horizon Pharma plc HZNP. Both sport a Zacks Rank #1 (Strong Buy).
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