SAN DIEGO--(BUSINESS WIRE)--April 30, 2004--FeRx Inc. today announced that enrollment has been stopped in a global multi-center Phase II/III clinical trial utilizing the company's proprietary MagneTarg(TM) drug delivery system with its lead compound, MTC(TM)-Doxorubicin (MTC-DOX), in patients with primary liver cancer (hepatocellular carcinoma or HCC).
The multinational trial, designated the MAGNET trial, was designed to enroll 240 patients at clinical sites in North America, Europe and Asia. The primary objective of the study was to detect a clinically and statistically significant increase in median survival time for MTC-DOX treated patients relative to patients treated with IV doxorubicin, the comparator arm in this study.
"From a recent interim analysis, we determined that the clinical endpoints of the Phase II/III trial could not be met with statistical significance with the product as currently manufactured and therefore, it was necessary to immediately stop the trial," said Jacqueline Johnson, president and CEO. "As a result of stopping the Phase II/III trial, the company has discontinued its plans for a venture capital financing and has developed contingency plans which include seeking strategic alternatives or closing the facilities."
FeRx Inc. is a privately held drug delivery company pursuing the development and commercialization of its proprietary MagneTarg system. FeRx believes MagneTarg offers a unique and simple method for localized delivery of a variety of pharmaceutical agents. The MagneTarg system has been designed to have applications across a range of therapeutic areas and to provide a broad technology platform for targeted delivery of small molecules, radionuclides, biologics and genetic vectors. The company's strategy has been to initially focus on the use of MagneTarg drug delivery for the treatment of certain solid tumors for which there are few, if any, effective therapies today. The company needs significant additional funding to continue operations, which if not obtained, would raise substantial doubt about the company's ability to continue as a going concern.
FeRx Inc., San Diego
Todd Myers, 858-677-7788