Why ORIC Pharmaceuticals Shares Are Plunging Today - ORIC Pharmaceuticals (NASDAQ:ORIC)

ORIC Pharmaceuticals Inc ORIC has decided to discontinue the further development of ORIC-101 after interim analyses from the two Phase 1b studies, wherein ORIC-101 did not demonstrate sufficient clinical activity.
The dose-expansion portion of the Phase 1b trial of ORIC-101 combined with enzalutamide enrolled 28 patients at the recommended phase 2 dose (RP2D) with metastatic prostate cancer progressing on enzalutamide.
The RP2D was well tolerated with a safety profile consistent with previously reported results. ORIC-101 in combination with enzalutamide did not translate into a meaningful clinical benefit, with a median progression-free survival (PFS) in the target patient population of 3.7 months.
Related: ORIC Pharma's Shares Plunge As Initial ORIC-101 Data In Prostate Cancer Fails To Impress Investors.
The dose-expansion portion of the Phase 1b trial of ORIC-101 combined with nab-paclitaxel enrolled 61 patients across four cohorts.
There were no objective responses in the pancreatic cancer cohort (n=21), and there was one confirmed partial response in the ovarian cancer cohort (n=13).
There was no meaningful clinical benefit based on median progression-free survival across all cohorts (Pancreatic cancer: 1.9 months, and ovarian cancer: 2.2 months).
Now Oric Pharma will focus on advancing ORIC-533 in multiple myeloma, ORIC-114 in EGFR/HER2 cancers, and ORIC-944 in prostate cancer, with initial data expected from the three programs in 1H 2023.
The Company ended 2021 with cash, cash equivalents, and investments of $280.4 million, cash runway to be extended into 2H of 2024.
Price Action: ORIC shares are down 22.30% at $5.19 during premarket trading on the last check Tuesday.

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