What happened to the Sirtex Share Price?
Sirtex Medical Ltd. [ASX:SRX] share price has slumped by 28.40% in intra-day trading as of 2:47pm.
Yesterday Sirtex requested to halt trading so they could analyse new research results. Those results came in today. Findings were less than stellar, sending the share price tumbling.
Why did this happen to the SRX Shares?
The company has been testing SIR-spheres to treat liver cancer in conjunction with chemotherapy. The spheres are designed to surround and destroy tumour cells while minimising damage to healthy liver tissue.
The results from the study found that Sirtex’s SIR-sphere technology wasn’t effective enough at lowering death rates in patients. CEO Nigel Lange was disappointed with the results. But he noted a 36% reduction in risk of death for right-sided colon cancer was a small positive.
What now for Sirtex Medical Shares?
Lange expected a minimal impact on trade. He highlighted that most patients Sirtex trialled had failed standard chemotherapy treatments. Shareholders clearly didn’t see it that way.
On the back of this poor results data Sirtex took another blow. Chief executive of the US branch, Kevin Richardson confirmed to have quit.
For Money Morning