Zymeworks down after dropping anticancer agent

[Cancer cells vis]
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Zymeworks (NASDAQ:ZYME [https://seekingalpha.com/symbol/ZYME]) shares dropped in the morning hours on Tuesday after the company announced plans to discontinue further clinical studies for its anticancer agent ZW171 following unsatisfactory Phase 1 trial data.

The company said it would end R&D work for the T cell engager designed for cancers in the gynecological, thoracic, and digestive systems after Phase 1 data for the candidate fell short of its expectations.

After completing the escalation cohorts and determining a maximum tolerated dose, ZYME noted “further dose evaluation in the current trial would be unlikely to support a benefit-risk profile consistent with the desired monotherapy target product profile.”

“While this is a disappointing outcome given the promising preclinical activity observed with ZW171, we are deeply grateful to the patients, providers, and caregivers for their support and participation in the ZW171 Phase 1 study,” CEO Kenneth Galbraith remarked. [https://seekingalpha.com/pr/20216878-zymeworks-announces-decision-to-discontinue-clinical-development-of-zw171-a-mesothelin]

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