Shares of biopharmaceutical company Monopar Therapeutics (NASDAQ:MNPR) are tanking in the pre-market session today after the company announced its Validive Phase 2b/3 trial for the treatment of severe oral mucositis (SOM) in oropharyngeal cancer patients failed to meet predefined criteria.
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The analysis of the first half of patient enrolments indicated the treatment did not achieve a 15% absolute difference in SOM prevention as compared to a placebo. Consequently, the company is discontinuing the trial while also stopping the development of Validive.
Next, MNPR will focus on the camsirubicin trial (Phase 1b) and the MNPR-101 program targeted at advanced cancers.
Overall, Wall Street has a $12 consensus price target on MNPR pointing to a massive 302% potential upside in the stock. That’s after a 30% gain in the share price over the past three months
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