Poniard falls on picoplatin miss

Poniard Pharmaceuticals Inc. (NASDAQ:PARD) fell $5.75 (76%) to $1.83 on Monday after IV picoplatin plus best supportive care missed the primary endpoint in the Phase III SPEAR trial to treat platinum-refractory or resistant small cell lung cancer. In the open-label trial in 401 patients, the picoplatin arm missed the endpoint of significantly improving overall survival vs. best supportive care alone (p=0.089). The analysis was based on 320 patient deaths.

Poniard said that a significant factor contributing to the outcome of the trial could be that a greater number of patients in the best supportive care arm received chemotherapy following progression compared with that of the picoplatin arm. A preliminary analysis of patients who did not receive chemotherapy after progression indicated that picoplatin plus best supportive care produced a significant survival benefit vs. best supportive care alone. The trial enrolled patients who failed prior platinum-containing first-line chemotherapy or who have progressed within six months of first-line therapy. ...