What Happened: The threshold for efficacy of a 15% absolute difference in severe oral mucositis prevention between Validive and placebo was not met in a Phase 2b/3 VOICE trial. As a result, Monopar discontinued the study and active development. 

Monopar noted that it has sufficient funds to support its currently planned activities "further beyond" the first quarter of 2024.

"While we are disappointed with the outcome of this study, we are now focused on re-deploying the financial and human resources previously dedicated to Validive in order to advance our Phase 1b camsirubicin clinical trial and our MNPR-101 radiopharmaceutical program partnered with NorthStar Medical Radioisotopes," said Chandler Robinson, CEO of Monopar Therapeutics.

Following the announcement, EF Hutton analyst Elemer Piros maintained Monopar with a Buy, but lowered the price target from $24 to $17.

Check This Out: Why Viking Therapeutics Stock Is Soaring Tuesday

MNPR Price Action: Monopar shares were down 52.4% at $1.42 at time of publication, according to Benzinga Pro.

Photo: Michal Jarmoluk from Pixabay.