Dallas, Texas 10/08/2013 (Financialstrend) – Analysts and investors who are keeping a close eye on the prospects of the drug manufacturing and pharmaceutical company Synta Pharmaceuticals Corp. (NASDAQ:SNTA) would be keeping their fingers crossed. This is because Synta competition Infinity Pharmaceutical (INFI) announced on September 25, that it had missed its phase 2 clinical trial objectives for its target composition “retaspmycin” which is a known Hsp90 inhibitor. The investors would be hoping that Synta would fare better than its competition in developing its own Hsp inhibitor compound “ganetespib” which the drug maker hopes will help cure non small cell lung cancer.
The Lexinton , MA based biotech firm had announced on September 12 that the U.S. Food and Drug Administration (FDA) had Fast Tracked its clinical trials corresponding to “ganetespib”. SNTA has developed a drug remedy based on its Hsp90 inhibitor ganetespib being administered with docetaxel to patients suffering from “non-small cell lung cancer”.
FDA is generally know bracket likely live saving drug prospects into a “Fast Track Drug Development Program” so that the clinical development and drug review cycles can be expedited.
President and CEO of Synta, Safi Bahcall has welcomed the FDA decision by saying “We are very pleased that FDA has granted this important designation to the ganetespib development program.” He also indicated his firm’s commitment will be redoubled to bring a fully tested drug to patients at the earliest. This Hsp90 inhibitor compound has been enrolled for phase 2b and phase 3 clinical trials and the results of these studies will determine if the drug will reach the needed patients.
This biotech firm has a market cap of $443 million with close to $76 in accumulated net loss. It is still a development stage company with no revenues from sale of products. The stock has gained by 23% in the last 30 days and is trading at $6.43 as of close of business on October 7.