FPRX - 5/8/19 Q1'19 CC
Did anyone listen to this FPRX CC? I found it to be one of the more confusing CCs I've ever listened to. This had to do with discussion of enrollment of patients in the ongoing P3 trial of bemarituzumab in gastric cancer patients. Essentially, it sounds like FPRX is seeing a different patient population being enrolled into their P3 trial than what they expected. As a result, they decided to introduce a futility analysis early on into this trial (sounds like this will occur early next year). There was some discussion on whether or not the tests being used to select patients for FGFR2b amplification and also over expression were accurate (company seems to think so). Ultimately, it sounds like they are mostly seeing patients that just have over expression of FGFR2b and not also amplification and sounds like their prior positive data that informed this P3 trial was based on patients that had both FGFR2b amplification and over expression.
All told, given the comments in the CC, including references to being "fiscally responsible" about the trial, it sure seems like management is a lot less optimistic about a positive outcome for the trial. Seems like this likely accounts for the recent sell-off in shares.
AI
