Iovance Biotherapeutics’ Cancer Drug Trial Halted After Death
Iovance Biotherapeutics Inc. (IOVA) saw its stock plummet after the U.S. Food and Drug Administration (FDA) halted a clinical trial of its cancer drug due to the death of a patient.
Background on Iovance Biotherapeutics
Iovance Biotherapeutics is a biotechnology company based in San Carlos, California. The company focuses on the development of cancer immunotherapies, which are treatments that use the body’s own immune system to fight cancer.
Iovance Biotherapeutics has developed a number of cancer immunotherapies, including its lead product, LN-144. LN-144 is a T-cell therapy that is designed to target and destroy cancer cells. The company is currently conducting clinical trials of LN-144 in patients with advanced melanoma, a type of skin cancer.
FDA Halts Clinical Trial After Patient Death
On December 27, 2023, the FDA announced that it had halted a clinical trial of LN-144 after a patient in the trial died. The FDA said that the patient had experienced a “serious adverse event” that was “possibly related” to the drug.
The FDA did not provide any further details about the patient’s death, but it did say that it was investigating the incident. The agency also said that it was working with Iovance Biotherapeutics to determine the cause of the death and to determine whether the trial should be resumed.
Iovance Biotherapeutics Stock Plummets
The news of the FDA’s decision to halt the trial sent shockwaves through the markets. Iovance Biotherapeutics’ stock plummeted more than 20% in the hours following the announcement.
The company’s stock had been trading at a high of $45.50 per share prior to the announcement. After the announcement, the stock dropped to a low of $35.50 per share.
Investors Worry About the Future of LN-144
The news of the FDA’s decision to halt the trial has caused investors to worry about the future of LN-144. The drug is seen as a potential breakthrough in the treatment of advanced melanoma, and the FDA’s decision to halt the trial has raised questions about the safety of the drug.
Iovance Biotherapeutics has said that it is working with the FDA to determine the cause of the patient’s death and to determine whether the trial should be resumed. The company has also said that it is committed to the safety of its patients and that it will continue to work with the FDA to ensure the safety of its products.
Conclusion
Iovance Biotherapeutics’ stock plummeted after the FDA halted a clinical trial of its cancer drug, LN-144, due to the death of a patient. The FDA is currently investigating the incident and is working with Iovance Biotherapeutics to determine the cause of the death and to determine whether the trial should be resumed. Investors are now worried about the future of LN-144, and Iovance Biotherapeutics has said that it is committed to the safety of its patients and that it will continue to work with the FDA to ensure the safety of its products.