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Shares of Genomic Health Fall on Mixed Study Results

NEW YORK (GenomeWeb News) – Shares of Genomic Health were down 13 percent in late Wednesday afternoon trading after the firm disclosed that a new cancer test it has developed met its primary endpoint but not a secondary endpoint.

The Redwood City, Calif.-based molecular diagnostics firm announced after the close of the market on Tuesday that a validation study of its Oncotype Dx colon cancer assay met its primary endpoint of predicting the likelihood of recurrence for stage II colon cancer patients following surgery. In addition, the company said that the colon cancer recurrence score provided additional independent clinical value beyond standard measures of risk.

Genomic Health said that based on the results it would proceed with commercialization plans to make the assay available to physicians and patients in early 2010.

Though the test met its primary endpoint, it did not meet a secondary endpoint evaluating a separate score with a distinct set of genes, which was aimed at predicting which patients would experience greater relative benefit of 5-fluorouracil/leucovorin treatment following surgery.

Investors reacted negatively to the news, sending shares of Genomic Health down 13 percent to $21.99 in late Wednesday afternoon trade on the Nasdaq.

Genomic Health intends to present the study results at the upcoming American Society of Clinical Oncology annual meeting, which begins late next month in Orlando, Fla.