Polyphor mulls future after remaining drug prospect fails cancer trial

ZURICH, June 28 (Reuters) - Polyphor’s board of directors is reviewing the company’s prospects, the Swiss drugmaker said on Monday, now that its main remaining asset has also failed a trial in a type of breast cancer.

The failure of balixafortide in patients with advanced HER2 negative breast cancer follows the devastating flop of its top antibiotic hopeful in 2019, which proved too dangerous for patients to continue.

This latest blow is a stark reversal from 2018, when the company was riding high on its antibiotic’s hopes and launched an IPO as it won a Swiss award for innovation leadership among biotechnology start-ups.

The shares, even before Monday’s balixafortide failure, were trading at 7.35 Swiss francs, a fifth of levels reached after the company floated its shares.

“The board of directors is undergoing a strategic assessment and will consider a full range of options regarding the future of the company and will provide an update not later than end of July,” Polyphor said. (Reporting by John Miller; Editing by Michael Shields)