Celsion Corporation shares have plummeted 66% after the company received a recommendation from the independent Data Monitoring Committee (DMC) to consider halting its phase 3 OPTIMA Study of ThermaDox.
Celsion, an oncology-focused drug development company, was testing the drug for the treatment of primary liver cancer. The company received the recommendation from the DMC after they found that the pre-specified boundary for stopping the trial was crossed.
“We are surprised and disappointed that the OPTIMA Study results were not found to be more robust at this analysis. Nonetheless, we intend to follow the advice of the DMC and will consider our options either to stop the study or continue to follow patients after a thorough review of the data, and an evaluation of our probability of success,” said Celsion Chairman, President, and CEO Michael H. Tardugno.
The firm said they will be holding a conference call on July the 15th to discuss its observations about the results of the study.
Once the news was announced, the markets observations were pretty clear…
Celsion's share price has plummeted 66.48% and is currently trading at $1.21 per share after closing Friday at $3.58.
It is currently sitting at a critical price area. However, I do feel we could see a pullback later on in today's session and heading into tomorrow.