Rafael Holdings Inc. (NASDAQ: (RFL) stock plunged by 80.20% in the current market trading session. Rafael Holdings is dedicated to the research and development of new cancer treatments. The company holds the Barer Institute, Inc. and is a major shareholder in Rafael Pharmaceuticals, Inc. and LipoMedix Pharmaceuticals Ltd., both clinical-stage oncology businesses.
RFL stock’ Update
The AVENGER 500 Phase 3 clinical study for CPI-613 (devimistat) failed to fulfil its primary outcome of substantial improvement in overall survival in patients with metastatic pancreatic cancer, according to Rafael Holdings. Devimistat (CPI-613), Rafael Pharmaceuticals’ lead drug, is intended to target the tumour mitochondrial tricarboxylic acid (TCA) cycle specifically. It’s a crucial step in tumour cell survival and growth.
528 individuals with metastatic pancreatic adenocarcinoma who had received no treatment before this were randomly allocated devimistat in conjunction with enhanced FOLFIRINOX (mFFX) in the treatment arm or FOLFIRINOX (FFX) alone in the control arm in this multi-national Phase 3 randomised clinical trial. When Devimistat was combined with mFFX, life expectancy did not change appreciably (HR=0.95, p=0.66) when compared to FFX alone. The therapy arm’s median overall survival was 11.1 months, whereas the control arm’s was 11.7 months.
Moreover,
ARMADA 2000 is a multi-national Phase 3 randomised clinical study in individuals with relapsed or refractory acute myeloid leukaemia, is also testing Devimistat in patients with relapsed or refractory acute myeloid leukaemia (AML). The independent data management board has advised that the experiment be halted given the lack of performance, based on a pre-specified interim analysis.
Ameet Mallik, CEO, Rafael Holdings, Inc. commented,
The outcomes of these two Phase 3 clinical investigations with devimistat have failed them. To further assess the results, they intend to collaborate with Rafael Pharmaceuticals. They’d like to express their gratitude to the patients, families, and investigators who took part in the AVENGER 500 and ARMADA 2000 trials.
