The company has failed to find a partner for the further development and commercialization of its lead product, BC-819.
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Biocancell Therapeutics Ltd. (TASE:BICL) has failed to find a partner for the further development and commercialization of its lead product, BC-819 for the treatment of pancreatic and bladder cancer. It announced today that there were no active negotiations, negating its announcement in January that it was in preliminary talks for the purpose.
Following the announcement, the share price fell 20% in morning trading to NIS 5.50, giving a market cap of NIS 85 million.
In a notice to the TASE, Biocancell said, “In the talks held to date, the other parties told the company that notwithstanding their strong impression from the technology and innovation underpinning the product, they believe that a review of the results of more clinical trials are needed before it will be possible to enter into a binding agreement with the company.” It adds, “The company is continuing to seek a suitable partner for the further development and commercialization of its products.”
Biocancell said that it was continuing the recruitment of patients, including high-risk patients) for a Phase II/III clinical trial of BC-819 for the treatment of bladder cancer in combination with BCG.
Published by www.globes-online.com