Aravive wields axe amid search for saviour following batiraxcept blow-up
22 Aug 2023
Phase 3Phase 2Clinical Trial FailureFinancial StatementClinical Trial Termination
Aravive disclosed in a filing with the US Securities and Exchange Commission that it is cutting around 70% of its workforce in the wake of a Phase III study failure for batiraxcept, its sole pipeline drug. The move is an effort to conserve the company's cash reserves, which stood at $18.4 million at the end of June, versus a deficit of about $648.1 million.
However, Aravive warned that if it "does not raise capital or successfully engage a strategic partner in the next several weeks, it will be forced to cease operations, liquidate assets and possibly seek bankruptcy protection." The drugmaker indicated that it is currently exploring various options, including strategic partners and financing opportunities.
The late-stage AXLerate-OC trial evaluated batiraxcept in platinum-resistant ovarian cancer, but failed to show a difference versus paclitaxel in terms of progression-free survival (PFS), both for the overall study population and in the bevacizumab-naïve subgroup. Specifically, in the overall population, PFS was 5.1 months for batiraxcept plus paclitaxel, compared to 5.5 months for paclitaxel alone, while in the bevacizumab-naïve cohort, PFS was 5.4 months in the two treatment arms.
Aravive noted that following the AXLerate-OC failure, it is scrapping the batiraxcept programme for platinum-resistant ovarian cancer and also terminating Phase Ib/II studies in clear cell renal cell cancer and pancreatic ductal adenocarcinoma. The company indicated that a mid-stage trial in renal cancer would require funding of between $30 million and $50 million, while a Phase III study would cost at least $80 million.
Batiraxcept, formerly AVB-500, is an ultrahigh-affinity, decoy protein that targets the GAS6-AXL signalling pathway.
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