Why Sirtex Medical Ltd Fell 13% Today

Sirtex Medical Ltd [ASX:SRX] fell as much as 13.3% this morning to $14.74 per share.

What happened to Sirtex Medical shares?

This morning, SRX revealed the results of their 459 patient SARAH clinical study. The study compares a medical device called SIR-Spheres Y-90 resin microspheres to the current standard-of-care systematic therapy — sorafenib — in patients with liver cancer.

The results didn’t show positive signs for SRX’s medical device. The study failed to show that the SIR-Spheres product extended the lives of patients when compared to standard methods of treatment.

What now for Sirtex Medical?

It’s probably an announcement that no biotech investor wants to hear. But SRX management is still positive on their future prospects.

As SRX CEO Nigel Lange said:

Although SARAH study did not meet the primary endpoint of an OS benefit versus sorafenib, it is important to note that 27% of patients randomised to SIR-Spheres microspheres in the IYY analysis didn’t receive out treatment.

The median time from randomisation to treatment was unusually long at 29 days relative to real world clinical experience, and a high proportion of difficult to treat patients with capsular invasion (PVT) of their disease were enrolled.

However, it could be a long while before the stock returns to $17 per share.


Härje Ronngard,

Junior Analyst, Money Morning

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