Dallas, Texas 09/19/2013 (Financialstrend) – A biopharmaceutical company with focus on severe health situations, including cancer and chronic inflammatory diseases, Synta Pharmaceuticals Corp. (NASDAQ:SNTA) is engaged in discovery, development and marketing novel drugs for treating severe medical conditions of the patients with cancer and chronic inflammatory diseases. The company has two candidates in clinical trial phase including Ganetespib (in Phase I/II/III clinical trials for different indications) and Elesclomol (in Phase I/II clinical trials) alongside preclinical development stage candidates that include STA-9584 (for prostate cancer) and CRACM (for autoimmune diseases, respiratory conditions, transplantation and autoimmune diseases). The market capitalization of Synta Pharmaceuticals Corp. (NASDAQ:SNTA) is $475.13 million.
Ganetespib has recently been granted Fast Track designation by the Food and Drug Administration (FDA). The company President and CEO, Bahcall has ensured that looking forward the company is committed for continual progress and getting Ganetespib into market as early as possible for the cancer patients.
The stock has surged more than 70% in past three months largely driven by positive outlook on likely approval of its key portfolio candidate Ganetespib which has suggested significant tumor shrinkage in treating rapidly progressing and complicated breast cancer. However this is preliminary data on 15 patients and company is supposed to enroll 70 patients in the second stage of a Phase II study. However its results in treating lung cancer are less promising though the company has moved into Phase III trial. The data presented by the company at ASCO were not statistically significant.
The remaining clinical programs involving Ganetespib include Phase IIb/III study for adenocarcinoma NSCLC, Phase II study for lung cancer, breast cancer, rectal cancer and acute myeloid leukemia and Phase I/II study for multiple myeloma and mesothelioma.
Given the facts, if Ganetespib proves effective in further advancements, Synta Pharmaceuticals Corp. (NASDAQ:SNTA) could certainly return pretty smart gains and does present an opportunity worth investment.