NuCana Shares Fall After Chemotherapy Alternative Fails Phase II

NuCana has faced a significant setback as its chemotherapy replacement, NUC-3373, failed to improve progression-free survival in a Phase II clinical trial focused on solid tumors. This failure has caused the biotech company's shares to plummet by 50%.

The disappointing results come from the mid-stage NuTide:323 trial, which tested NUC-3373 in patients with second-line colorectal cancer. The drug was administered in combination with existing treatments leucovorin, irinotecan, and bevacizumab. Unfortunately, the combination did not show any improvement in progression-free survival when compared to the three existing treatments used alone. As a result, based on the recommendation of a study steering committee, NuCana has decided to discontinue the NuTide:323 trial.

The company’s shares fell sharply in pre-market trading, dropping nearly 50% from $7.73 at Thursday's close to $3.90. NUC-3373 was developed with the aim of providing a safer and more effective alternative to the widely used chemotherapy drug fluorouracil (5-FU), which is commonly prescribed for cancers such as colorectal, breast, gastric, head and neck, and pancreatic cancers.

NuCana's CEO, Hugh Griffith, expressed disappointment over the trial's unexpected outcome, particularly for those suffering from colorectal cancer. Despite this, he highlighted that valuable information was gained from the study, which will help guide their ongoing development programs.

This setback marks the second time in two years that NuCana's shares have significantly dropped due to underwhelming clinical data. In March 2022, the company's drug acelarin (NUC-1031) failed to show improvement in overall survival rates among patients with biliary tract cancer, causing a 57% drop in NuCana's shares at that time.

Despite the recent failure, NuCana plans to continue investigating the potential of NUC-3373. The company will proceed with the Phase III NuTide:303 study, which will test NUC-3373 in combination with Merck’s Keytruda for solid tumors and the chemotherapy drug docetaxel for lung cancer.

In addition, NuCana is also advancing another drug, NUC-7738, in combination with Keytruda in a Phase II trial targeting melanoma. The results of this study are anticipated to be presented at the European Society for Medical Oncology conference in September.