Company Update (NASDAQ:SNTA): Synta Pharmaceuticals Corp. Announces Ganetespib Program Updates

Synta Pharmaceuticals Corp. (NASDAQ:SNTA) announced updates to its clinical program for Ganetespib, a next-generation inhibitor of the chaperone protein Hsp90. Ganetespib is currently being studied in several large, randomized studies, including the Phase 3 GALAXY-2 trial in non-small cell lung cancer, as well as a number of other investigator-sponsored studies in various malignancies, including acute myeloid leukemia, breast cancer and ovarian cancer.

The Company announced today that the first patient has been enrolled in the Phase 2 portion of the GANNET53 study, a randomized, pan-European study evaluating the combination of ganetespib and paclitaxel vs. paclitaxel alone in over 200 patients with metastatic, predominantly p53 mutant, platinum-resistant ovarian cancer. Enrollment in the Phase 2 portion follows the successful completion of Phase 1, the results of which were recently presented at the 2015 American Society of Clinical Oncology Annual Meeting in Chicago. The Phase 1 data demonstrated that the combination of ganetespib 150 mg/m² with paclitaxel 80 mg/m² once weekly for 3 out of 4 weeks was generally well tolerated, with no dose limiting toxicities, and was therefore chosen for the randomized phase 2 trial. GANNET53 is sponsored by Innsbruck Medical University in Austria and funded by theEuropean Commission.

“The Phase 1 portion of GANNET53 has established the feasibility and tolerability of combining ganetespib and paclitaxel, and we eagerly look forward to the enrollment of, and results from the randomized Phase 2 portion of this trial.” said Professor Nicole Concin of the Innsbruck Medical University in Austria and the GANNET53 trial Principal Investigator. “We are very excited about a recent scientific insight into the relationship of p53 gain-of-function mutations which are the molecular hallmark of aggressive, high-grade serous ovarian carcinoma, and Hsp90 inhibition leading to tumor cell death in vitro and significant tumor control and prolonged survival in a novel p53 mutant mouse model. This unique mechanism of action and encouraging preclinical data support our choice of the ganetespib combination in an effort to optimize treatment for women with platinum-resistant ovarian cancer.”

The Company also announced today that results from the Phase 2 GALAXY-1 trial, a global, randomized, multi-center study designed to identify the patients with advanced non-small cell lung cancer (NSCLC) most likely to benefit from second-line treatment with ganetespib in combination with docetaxel versus docetaxel alone, have been published in the journal Annals of Oncology. As previously announced, a pre-specified stratification factor analysis demonstrated that patients diagnosed with advanced non-small cell lung adenocarcinoma more than six months prior to study entry derived the most benefit from combination treatment, leading to the selection of this population for the ongoing Phase 3 GALAXY-2 trial. Based on current projections and statistical assumptions, the first interim overall survival (OS) analysis of GALAXY-2 is on track to occur in the second half of 2015, and the second interim and final OS analyses will be conducted in 2016. The GALAXY-1 publication is available online here.

“We are pleased to see the GALAXY-1 findings published in the Annals of Oncology and look forward to understanding how outcomes from this trial translate to the ongoing, pivotal Phase 3 GALAXY-2 trial,” said Dr. Suresh Ramalingam, M.D., Professor, Hematology & Medical Oncology, and Director, Division of Medical Oncology, of the Winship Cancer Institute of Emory University, and a principal investigator of the GALAXY program. “Ganetespib’s unique mechanism of action has the potential to play an important role in the evolving treatment landscape in lung cancer. I look forward to the outcome of GALAXY-2.”

“We remain highly encouraged by the progress of the ganetespib program across a broad spectrum of malignancies and grateful to our collaborating investigators for their strong, ongoing support for what is today the most advanced, next generation inhibitor of Hsp90,” said Chen Schor, President and Chief Executive Officer of Synta. “We look forward to several transformative milestones on the horizon, both for ganetespib and our lead HDC candidate, STA-12-8666.” (Original Source)

Shares of Synta Pharmaceuticals closed yesterday at $2.18 . SNTA has a 1-year high of $4.97 and a 1-year low of $1.85. The stock’s 50-day moving average is $2.45 and its 200-day moving average is $2.54.

On the ratings front, MLV & Co. analyst Arlinda Lee reiterated a Buy rating on SNTA, with a price target of $6.50, in a report issued on March 13. The current price target represents a potential upside of 198.2% from where the stock is currently trading.

According to, Lee has a total average return of 2.1%, a 52.8% success rate, and is ranked #1757 out of 3610 analysts.

Synta Pharmaceuticals Inc is a biopharmaceutical company. It is engaged inresearch, development and commercialization of novel oncology medicines that have the potential to change the lives of cancer patients.

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