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.
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.
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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