ZIOPHARM Oncology Shares Charge Higher After Phase 3 Trial of Palifosfamid Reaches Target Number of Progression-Free Survival Events

ZIOPHARM Oncology, Inc. ZIOP shares are up more than 14 percent Tuesday morning following results from the Phase 3 (PICASSO 3) trial of palifosfamide (ZIO-201) in first-line metastatic soft tissue sarcoma which reached its target number of progression-free survival (PFS) events. PICASSO 3 is an international, randomized, double-blind, placebo-controlled trial whose primary endpoint is PFS. According to the protocol and statistical plan, reaching the target number of PFS events leads to completion of the blinded data collection process and then formal efficacy analysis by the IDMC (Independent Data Monitoring Committee). The Company will announce topline results from this trial during the last week of March 2013.  "Reaching the target number of progression events for PICASSO 3 positions us one step closer to understanding palifosfamide's full potential for this significant unmet medical need," said Jonathan Lewis, M.D., Ph.D., Chief Executive Officer of ZIOPHARM. "With a positive study outcome, palifosfamide has the potential to become the first new treatment option in nearly 30 years for patients with first-line metastatic soft tissue sarcoma."