Wednesday, January 12, 2011

Synta snags $1M for blood cancer drug trial

By Rodney H. Brown

Synta Pharmaceuticals Corp. of Lexington has taken in $1 million from a joint collaboration agreement with the Multiple Myeloma Research Foundation (MMRF) for the development of a drug to treat multiple myeloma.

Under the deal, Synta will establish a Phase 1 trial evaluating ganetespib (formerly STA-9090) both  as a single agent and in combination with the proteasome inhibitor bortezomib for the treatment of relapsed multiple myeloma.

The Multiple Myeloma Research Consortium will conduct the trial, according to officials. That trial will launch in the second half of this year. Multiple myeloma is a blood cancer born in plasma cells. According to the MMF, it is the most common type of white blood cell cancer and the second most common blood cancer. In 2010, more than 20,000 adults in the United States were estimated to be diagnosed with multiple myeloma.

Last January, Synta (Nasdaq: SNTA) raised $26.5 million in an over-allotted public stock offering. At the time, the company said it would use the proceeds to fund research and development, clinical trials, manufacturing, intellectual property protection and working capital.

At the end of 2009, Synta had moved ganetespib into a Phase 2 clinical study for the treatment of advanced gastrointestinal stromal tumors, in addition to a Phase 2 trial for non-small cell lung cancer. In total, the drug is in 11 trials for various conditions, officials said.