Reuters: Global Markets: Keryx, Aeterna cancer drug fails trial, shares down

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Keryx, Aeterna cancer drug fails trial, shares down Apr 2nd 2012, 11:57 Mon Apr 2, 2012 8:13am EDT (Reuters) - Keryx Biopharmaceuticals Inc (KERX.O) and Aeterna Zentaris (AEZ.TO) (AEZS.O) said their experimental drug for colorectal cancer did not meet the main goal in a late-stage study, Shares of the companies fell about 60 percent before markets opened. The trial tested 468 patients with refractory advanced colorectal cancer. "We will evaluate whether our Phase 3 study of Perifosine in relapsed/refractory multiple myeloma will continue as planned," Keryx's Chief Executive Ron Bentsur said in a statement. Keryx holds the North American rights to the experimental cancer drug KRX-0401 (perifosine), through a licensing deal with Canadian biotech company Aeterna Zentaris. In August 2011, an independent safety panel gave its go-ahead for the experimental drug and recommended the late-stage study continue to completion. Shares of Keryx fell to $1.96 in premarket trade on Monday while those of Aeterna Zentaris fell to $0.83. Keryx's shares closed at $4.98 on Friday on the Nasdaq, while those of Aeterna Zentaris closed at C$2.14 on Friday on the Toronto stock Exchange.

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