ADC Therapeutics, a Swiss-based biotech firm, has seen its stock price plummet after safety concerns were raised in a Phase 3 trial of its cancer treatment, ADCT-601. The trial, which is focused on treating non-small cell lung cancer, has been put on hold due to the safety concerns.
According to a statement from the company, the safety concerns were related to potential toxicity issues with the treatment. The company has not disclosed further details about the nature of the safety concerns or the number of patients affected.
The news has sent shockwaves through the biotech industry, with ADC Therapeutics' shares dropping by over 75% in recent trading. The company's shares were trading at around £14.50 before the news broke, but have since plummeted to around £3.50.
ADC Therapeutics is not the only biotech firm to have faced safety concerns in recent times. Several other companies have faced similar issues, including Moderna Therapeutics and AstraZeneca.
The safety concerns have raised questions about the effectiveness of ADC Therapeutics' cancer treatment, ADCT-601. The trial was designed to test the treatment's ability to treat non-small cell lung cancer, but the safety concerns have cast doubt on its potential.