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XBiotech Phase 3 trial ended at urging of independent data monitor

June 11, 2017

XBiotech Inc.’s stock XBIT, -66.03% plunged 62% toward a record low in afternoon trade Friday, after the company said an independent data monitoring committee (IDMC) recommended the discontinuation of a Phase-3 trial for the company’s colorectal cancer treatment because it failed to meet threshold requirements for continuation. The stock was halted for trading for news until 3:30 p.m. ET. The IDMC said it had no safety concerns, but the findings were not sufficient to meet efficacy endpoints. “We are obviously disappointed with these findings. In the coming weeks, the company plans to analyze the data extensively to further understand the primary and secondary endpoint data, as well as to identify populations that may have benefited from the therapy,” said XBiotech Chief Executive John Simard. “These findings today will not affect our efforts to pursue approval of the therapy based on the successful completion of the European study, which demonstrated control of debilitating symptoms in colorectal cancer.” The stock has tumbled 64% year to date, while the iShares Nasdaq Biotechnology ETF IBB, -0.22% has climkbed 11% and the S&P 500 SPX, -0.08% has gained 8.5%.

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