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Print Edition StoriesMonday, June 15, 2009
Synta, GSK end deal over troubled cancer drug
By Mass High Tech staff
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Lexington biopharmaceutical firm Synta Pharmaceuticals Corp., which announced in February that it was ending the Phase 3 study of its cancer treatment elesclomol, has now announced that its collaborative agreement with GlaxoSmithKline will be ending as of September 10, 2009.
The collaboration entailed the clinical development and commercialization of the same cancer treatment, elesclomol. A press release from Synta indicates that GSK decided to end the agreement, with Synta CEO Safi Bahcall stating, “We appreciate GSK’s contributions to this program and understand their decision.” As part of the agreement, GSK had paid $10 million to Synta, awarded for a melanoma-related operational milestone around elesclomol.
In the suspended Phase 3 study, an independent monitoring committee found that there had been an “imbalance in overall survival” in the patients — i.e., there had been more deaths occurring in the patients taking elesclomol with paclitaxel, than compared to those taking paclitaxel alone. As a result, Synta suspended the study, as well as other ongoing studies with elesclomol, including one for prostate cancer.
In March, at the time of the suspended clinical study, Synta vice president of investor relations Robert Kloppenburg said that the company was unique in its finances, as almost 50 percent of it is owned by insiders, and there are no debt or warrants. Since that time, Synta has laid off 90 employees.
The company reports that it is focusing on other compounds, particularly for its heat shock protein program.
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