It’s a bit like history repeating itself: Antisoma tests a new ovarian cancer drug, it fails, its shares plunge.
But today’s events — which sent shares in the biotech group down 18 per cent — are subtly different from those of three years ago. Antisoma’s AS1404 compound is adaptable and has been fairly successful in staving off lung cancer. The share price —reaction might be more apt if Antisoma’s funding partner, Novartis, had decided to pull its $890 million contract - but so far there is no sign of that. Certainly, the tie-up has tough conditions: Antisoma must show that its drugs treat four different forms of cancer and one other disease. Another failure would be a severe setback. For now, it is worth holding on.