Tracon to Explore Strategic Alternatives After Trial Misses Target

MT Newswires Live07-01

Tracon Pharmaceuticals (TCON) said Monday it is ending further development of envafolimab after the ENVASARC trial produced an objective response rate of 5%, lower than the primary endpoint of 11% needed to support a biologics license application.

"We are therefore discontinuing all of our clinical development activities and intend to take action to immediately reduce cash burn to better position the company for this strategic alternative process," said CEO Charles Theuer.

Tracon said the alternatives may include a merger, acquisition, other business combination, sales of assets, licensing or other deals.

The company also said it plans to leverage its in-house Product Development Platform utilizing integrated Veeva systems that has been used to conduct more than 15 Phase 1, 2 or 3 oncology trials at more than 120 sites.

Tracon shares were falling about 3% in recent trading.

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