A Cambridge company plans to seek federal regulatory approval this year for a new drug to treat pancreatic cancer after positive late-stage trial results were announced this week.
Merrimack Pharmaceuticals said its MM-398 drug, used in combination with two chemotherapy drugs, improved the average survival rate of patients with metastatic pancreatic cancer. The rate extended to 6.1 months — 1.9 months longer than when the other two drugs were used alone — for those who previously received gemcitabine-based therapy.
"Given that there have only been a handful of successful Phase 3 trials in pancreatic cancer in the past 25 years, it is gratifying to have the first positive Phase 3 trial in the post-gemcitabine setting," CEO Robert Mulroy said in a statement.
There are only three FDA-approved treatments for pancreatic cancer, which is the fourth leading cause of cancer death in the United States with a 6 percent five-year survival rate, according to the Pancreatic Cancer Action Network.
Shares of Merrimack fell 8 percent yesterday to $6.43, after soaring to a 52-week high of $7.65 on Thursday, when the company also reported a $27.8 million quarterly loss and said it has enough cash to get it into 2015.
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