Apollomics Shares Down in Premarket After Leukemia Drug Misses Phase-3 Targets

Dow Jones2024-12-20

By Adriano Marchese

Shares of Apollomics fell sharply Friday in premarket trading after the company said that the third phase bridging trial of its leukemia drug in China didn't meet its endpoints.

Shares fell 31% ahead of the morning bell to $6.52. The stock has fallen 90% year to date.

The late-stage clinical biopharmaceutical company said the trial didn't demonstrate favorable benefit for Uproleselan, the company's drug candidate to treat relapsed or refractory acute myeloid leukemia.

Relapsed and refractory forms of leukemia occur when this cancer either returns after a period of remission or doesn't respond to treatments in the first place, respectively.

Chairman and Chief Executive Guo-Liang Yu said that the company is disappointed that Uproleselan didn't show a clinical benefit. However, he said the results were expected given that the global phase 3 trial didn't meet its primary endpoint earlier this year in a similar patient population by the company's partner, Glycomimetics.

"Our regulatory and commercial strategy in China has always required a positive global Phase 3 trial, and therefore we are currently wrapping up this program," said the executive.

Apollomics said it is concluding the clinical trial and expects future expenses for the Uproleselan program to be less than $500,000.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 20, 2024 08:30 ET (13:30 GMT)

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

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