Jun. 16, 2014Finances
Dainippon Sumitomo Pharma announces the effects of closure to further patient accrual on its CO.23 study: a phase III global colorectal carcinoma monotherapy trial
Osaka, Japan, June 16, 2014 - Dainippon Sumitomo Pharma Co., Ltd. (Head office: Osaka, Japan; President: Masayo Tada) ("DSP") announced today the results of its internal analysis on possible effects of the recent closure to further accrual of patients on its CO.23 study, a phase III global colorectal carcinoma monotherapy trial of BBI608, which was announced on May 23.
The internal analysis has concluded that no impairment losses are recognizable on account of this event against the Company's intangible assets (in-process R&D assets and goodwill) that were recognized in the acquisition of Boston Biomedical, Inc. With other events combined, financial impacts of this event to the results of operations for FY2014 are not expected to be material.
Several other trials ranging from phase III to phase I are currently being conducted for BBI608 in patients with various tumor types in various combination regimens. DSP will continue all these ongoing clinical trials and proceed with the development of BBI608 with the aim to obtain its market authorization as early as possible.