Odonate Therapeutics Inc. (NASDAQ: ODT) stock surged by 12.14% at the last trading close while the ODT stock declines by 3.87% in the pre-market trading session. There is no recent news hitting the media regarding this change in ODT stock. Odonate Therapeutics, Inc. is a drug company focused on developing best-in-class therapeutics to help cancer patients live longer and healthier lives.
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What is happening?
On March 22, 2021, ODT stated that the clinical data package for tesetaxel is unlikely to endorse FDA approval, based on input from the US Food and Drug Administration (FDA) at a pre-New Drug Application conference. As a result, Odonate is shuttering the production of tesetaxel and is winding down its operations. Patients in current tesetaxel clinical trials will be transitioned to effective alternative treatments in collaboration with clinical sites.
The CEO Kevin Tang said that they commend the investigators, research team members, and, most importantly, the patients and their caregivers for their efforts to strengthen breast cancer treatment.
How does Tesetaxel works?
Tesetaxel is an orally administered chemotherapy product that belongs to the taxanes family of drugs, which are commonly used in the treatment of cancer. Tesetaxel has many characteristics that distinguish it from other taxanes, such as:
- It has a long (eight-day) terminal plasma half-life in humans.
- It also allows for the maintenance of sufficient drug levels comparatively infrequent dosing.
- Oral administration with less pill burden.
- There is no history of hypersensitivity reactions (allergies)
- Significant anti-chemotherapy activity
It has been observed that the stock of ODT is down after Odonate Therapeutics announced that it will stop developing Tesetaxel since there is no other update available. Investors might have been less interested in ODT stock following the recent discontinuation of Tesetaxel.