ODT - Odonate Therapeutics pulls plug on tesetaxel development stock nosedives

Odonate Therapeutics (ODT) shares plummet more than 75% during premarket trading after the company announces discontinuation of development of its orally administered chemotherapy agent tesetaxel.The company's conclusion that the clinical data package for tesetaxel is unlikely to support FDA approval, comes after feedback from the health regulator in a pre-New Drug Application meeting.Odonate will work with clinical sites to transition patients in ongoing tesetaxel clinical studies to appropriate alternative therapies.

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Odonate Therapeutics pulls plug on tesetaxel development, stock nosedives