By Iovance Biotherapeutics, a leading biopharmaceutical company, has experienced a significant setback in its cancer treatment study as the Food and Drug Administration (FDA) has imposed a clinical hold. This decision was made following the unfortunate death of a study patient potentially linked to the treatment.
According to a press release issued by Iovance on Wednesday, the FDA implemented the clinical hold specifically for the company’s trial of a lung cancer therapy. As a result, the enrollment of new patients for this treatment will be paused, and the progress of patients who have previously undergone the treatment will be closely monitored.
Despite this hurdle, Iovance remains steadfast in its commitment to addressing the urgent medical needs of patients with advanced non-small cell lung cancer, a subgroup with limited treatment options and an unfavorable prognosis after disease progression. The Chief Medical Officer of Iovance, Friedrich Finckenstein, expressed confidence in working collaboratively with the FDA to safely resume enrollment in the IOV-LUN-202 trial at the earliest opportunity.
This announcement had an immediate impact on Iovance’s stock, which dropped by 29% in premarket trading on Wednesday, reaching $6.35 per share. Nevertheless, it is important to note that the overall performance of the stock has seen a commendable 39% increase throughout this year.
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