Diamonds and Dogs
Positive news for ovarian cancer patients. Vascular Biogenics (VBLT) is jumping 70% to new recent highs thanks to positive drug trial results. The clinical-stage biopharmaceutical company develops and engages treatments for cancer and immune-inflammatory diseases. Vascular's VB-111 drug that treats patients with recurrent platinum resistant ovarian cancer saw statistically better results today. The results presented state that the median survival rate was 810 days compared to the median survival rates in the low-dose which were 172 days. A move in the positive direction.
A merger that doesn't seem to be working. Today's dog, AbbVie (ABBV), is dropping 3% on disappointing results for treating lung cancer. The biotech company that researches and develops multiple pharmaceutical products showed limited improvement for their early stage Rova-T drug to fight small-cell lung cancer. While the data did improve, AbbVie's drug compared unfavorably to rival Bristol –Myers Squibb drug. One analyst downgraded the stock saying the drug shows no long term survival benefits. AbbVie paid $5.8 billion acquire Stemcentrx and their Rova-T drug. So far the merger has not paid off, but at least they're trying.