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Onconova Therapeutics cuts down losses in 2018

Onconova Therapeutics (ONTX), a Phase 3 biopharmaceutical company that focuses on developing cancer drugs, Tuesday posted a narrowed loss in fiscal 2018 helped by higher revenues and cost optimization meThe annual.

Annual loss narrowed to $20.4 million, or $4.99 per share, compared to $24 million, or $40.15 per share in fiscal 2017.

Image for representation (Photo by Drew Hays on Unsplash)

Revenue jumped 56% to $1.2 million during the year, driven by collaboration agreements executed during the first half of 2018. Research and development expenses were $16.9 million for the year ended December 31, 2018, and $19.1 million for the comparable period in 2017.

ONTX shares ended its last trading session down 3.05% on Monday. The stock has declined 71% in the trailing 52 weeks, though it has bounced back this year.

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CEO Steven M. Fruchtman said, “As we move through 2019, we anticipate continued progress across the Company, including recruiting for our Phase 3 IV rigosertib trial in second-line higher-risk MDS (HR-MDS) patients and advancing oral rigosertib in combination with azacitidine toward a pivotal phase 3 trial in first-line HR-MDS patients.”

The Pennsylvania-based firm on Monday said it had surpassed the 75% enrollment milestone in its pivotal Phase 3 trial of rigosertib for the potential treatment of high-risk myelodysplastic syndromes (HR-MDS), a study known as INSPIRE.

Full enrolment of 360 patients is anticipated in the second half of 2019.

 

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