Flash note: Disappointing Phase III evofosfamide data
Evofosfamide has not met the primary endpoint of improving overall survival in two Phase III trials in soft tissue sarcoma (STS) and pancreatic cancer. Although some benefit was seen in pancreatic cancer, partner Merck KGaA will not file either indication with regulators and Threshold expects Merck to terminate the agreement. If this occurs, Threshold will consider all options for future evofosfamide development, which could include in combination with checkpoint inhibitors. We have placed our valuation and forecasts under review pending further updates. Threshold is now trading broadly in line with expected YE15 cash of $40-45m. THLD estimates that this should be sufficient to fund operations to end 2016, beyond initial tarloxotinib Phase II data availability, which is expected around mid-2016e.
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