Oncternal And SpringWorks Among Early ASCO Winners And Losers
SpringWorks Declines Despite Positive Results
While the big pharma names dominate the ASCO cancer congress, it is also a chance to shine for emerging small-to-medium biopharma companies.
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Public Company Edition: ImmunoGen received the first $75m under a $175m term loan, while Protagonist raised $100m in a follow-on offering, but companies with bankruptcy filings and job cuts outpaced those accessing new capital by a wide margin in late March and early April.
Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.
While adagrasib showed decent efficacy in its pivotal study in NSCLC, some analysts said its inability to outperform Amgen’s Lumakras and its safety profile leave little room for differentiation.