Aduro BioTech, Inc. (ADRO) Slides on Pancreatic Cancer Drug Setback
Shares of Berkeley, California, based Aduro BioTech, Inc. (ADRO) fell on Tuesday, against the backdrop of a slightly higher day in stocks overall. Aduro stock was down 16.07%, falling $5.18 per share, to close at $27.05, on volume of 3,387,815 shares. The company's very promising new pancreatic cancer drug was dealt a setback when one of the patients using the drug developed a serious infection.
Aduro's pancreatic cancer drug, CRS-207, may have resulted in the development of listeriosis in one patient using the drug. The drug is in Phase 2b testing, and the infection will likely slow the development and marketing of the drug until the exact cause of the infection - as well as its elimination - can be found.
CRS-207 is one of a family of product candidates based on Aduro’s live-attenuated, double-deleted (LADD) Listeria monocytogenes immunotherapy platform that induces a potent innate and T cell-mediated adaptive immune response. The drug is engineered to express the tumor-associated antigen mesothelin, which is over-expressed in many cancers including mesothelioma and pancreatic, non-small cell lung, ovarian, endometrial and gastric cancers.
On Monday, Aduro announced that CRS-207 had been granted Orphan Drug Designation in the European Union for the treatment of Mesothelioma.
“The receipt of Orphan Drug Designation in the European Union for CRS-207 for the treatment of MPM marks a significant regulatory milestone for Aduro, as we expand our operations in Europe and advance our therapies closer to the commercial marketplace,” said Aduro Chairman, President and CEO Stephen T. Isaacs, “We look forward to working with the EMA to expeditiously advance CRS-207 through development with the goal of bringing this potential therapy to patients throughout Europe suffering from mesothelioma.”
Also on Monday Aduro reported a third quarter net income of $567,000, or $0.01 per share. Analysts had been expecting a loss of -$0.08 per share. Revenues for the quarter came in at $19.1 million, exceeding analysts expectations of $16.9 million.
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