SHARES in Alchemia (ASX:ACL) have dived 83 per cent after the company announced its metatastic colorectal cancer trial had failed.
The treatment tested Alchemia’s HyAct technology formulated with chemotherapeutic drug irinotecan over using irinotecan alone.
HA-irinotecan did not improve progression free survival in patients.
Alchemia CEO Thomas Liquard says the company will conduct an in-depth review of the trial.
“We are extremely disappointed in the outcome of this trial and extend our appreciation to trial investigators, the clinical sites and the hundreds of patients who participated in this study,” Liquard says.
“We expect to report back to the scientific community and the market with further details on our data reviews and corporate strategy early in 2015.”
The drug development company’s financial position includes $8.9 million in cash and a $6.5 million research and tax development tax incentive to be received next month.
ACL is trading at $0.098 per share.