Tracon Pharmaceuticals Scraps Development of Sarcoma Drug, Seeks to Explore Strategic Alternatives

Dow Jones07-01

By Michael Susin

Tracon Pharmaceuticals is exploring near-term strategic alternatives for the business and will terminate the development of its sarcoma treatment after it failed to achieve its main goals in a trial.

The company said on Monday that the Envasarc study of envafolimab showed an objective response rate of 5% of its enrolled patients, below the primary endpoint of 11% needed to support a biologics license application.

As a result, the company is terminating further development of envafolimab and is focusing on exploring strategic alternatives that may include merger, reverse merger, acquisition, other business combination, sales of assets, licensing or other strategic transactions.

Tracon expects to reduce cash burn and to leverage its in-house product development platform in pursuing strategic alternatives.

However, Tracon added that there can be no assurance the exploration of strategic alternatives will result in any agreements or transactions.

Envafolimab treatment was designed for patients with advanced or metastatic undifferentiated pleomorphic sarcoma or myxofibrosarcoma who have progressed on prior chemotherapy.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

July 01, 2024 09:40 ET (13:40 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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