(Reuters) - Peregrine Pharmaceuticals Inc said it found major discrepancies in results from a mid-stage study of its experimental lung cancer drug conducted by a third-party contractor, sending its shares down 83 percent premarket.
The drug, bavituximab, is Peregrine's key drug candidate and the company is currently testing it in multiple clinical trials.
Earlier this month, the company's stock climbed 50 percent after Peregrine issued results from the trial, saying the drug doubled survival time of lung cancer patients.
The errors related to the trial were found while preparing for a review meeting of studies of the drug with regulatory authorities, the company said.
A subsequent review determined that the source of the discrepancies appeared to be associated with the independent third-party contracted to code and distribute investigational drug product.
The mid-stage trial had involved 121 previously treated non-small cell lung cancer patients.
Bavituximab is a genetically engineered antibody designed to target a lipid molecule found on tumor blood vessels that works by suppressing the immune system.
It is being studied as a treatment for a range of cancers, including pancreatic and breast. The trial for non-small cell lung cancer, testing the drug in patients who were previously treated, was the most advanced one.
The company does not expect the discrepancies to affect other trials related to the drug.
Shares of the Tustin, California-based company were trading at 82 cents in premarket. They had closed at $5.39 on Friday on the Nasdaq.
(Reporting by Esha Dey and Pallavi Ail in Bangalore; Editing by Anthony Kurian)
Source: http://news.yahoo.com/peregrine-says-lung-cancer-trial-data-erroneous-shares-121415832--finance.html
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