Onconova sinks as Baxter backs away from oral rigosertib

Onconova Therapeutics sank 36.3% to close at $2.55 per share on 3 February after the company revealed deep in a disclosure of its Phase III plans for intravenous rigosertib in higher-risk myelodysplastic syndrome (MDS) that its partner Baxter Healthcare will not pursue further development of oral rigosertib in lower-risk MDS.

Newtown, Pennsylvania-based Onconova's market cap has fallen to $55.3m – 81.4% below the company's value nearly a year ago before it announced that IV rigosertib failed in the Phase III ONTIME clinical trial in higher-risk MDS (scripintelligence.com, 20 February 2014)