(Reuters) – Tocagen Inc said on Thursday its experimental treatment did not prove effective in extending life of brain cancer patients in a late-stage study, sending shares down 68%.
The California-based company said its lead product candidate Toca 511 & Toca FC also did not show meaningful superiority in secondary goals compared to standard of care treatment during the trial.
“The team plans to conduct an operational review of the business, engage with the FDA and European regulators to determine potential next steps,” the company said.
It said it plans to present further data from the trial at an upcoming medical conference.
Toca 511 & Toca FC is a two-part cancer-selective immunotherapy that spares the blood cells from the common side effects associated with chemotherapy, as it is a targeted therapy.
Shares of the company plummeted 67.9% to $1.34 before the bell.
Reporting by Manojna Maddipatla in Bengaluru; Editing by Shinjini Ganguli