Biotech: Never Give Up

Perseverance is an admirable trait.

Cancer drug developer  XBiotech provides a case in point. The biotech company announced Friday afternoon that its late stage study for its experimental colon cancer treatment, Xilonix, has been discontinued after an interim analysis of the data. While it didn’t show any safety concerns, the findings “were not sufficient to meet efficacy.”

However, CEO John Simard is undeterred.

“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. These findings today will not affect our efforts to pursue approval of the therapy,” he said in a statement.

Shareholders may not have much else left besides that character trait, though. Shares plunged 66% on Friday.