Shares of Vascular Biogenics Ltd. plummeted 75% to 52 cents during after-hours trading on Tuesday after the company said its ovarian cancer treatment didn’t achieve the results it was looking for in a recent clinical trial.
The biotechnology company, which develops targeted medicines for cancer and immune-inflammatory diseases, said the clinical trial of ofra-vec didn’t result in a statistically significant improvement in progression-free survival or overall survival of ovarian cancer.
Chief Executive Dror Harats said the company, which operates as VBL Therapeutics, plans to discontinue the trial and will consider next steps for the ofra-vec program.