The Telix Pharmaceuticals Ltd (ASX: TLX) share price has been among the worst performers on the All Ordinaries on Monday.
The biopharmaceutical company's shares were down as much as 14% to $5.53 at one stage.
Despite this, the Telix share price is still up more than 300% over the last 12 months.
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Why is the Telix share price crashing today?
The weakness in the Telix share price on Monday appears to be due to a combination of broad market weakness, profit taking, and slight concerns over a study update this morning.
In respect to the latter, this morning Telix released an update on its study of TLX101 in combination with external beam radiation therapy in recurrent glioblastoma multiforme.
According to the release, Telix has decided to cease recruitment after dosing a tenth patient in this recurrent disease (second line) treatment setting. This was well short of its original recruitment target.
Nevertheless, the company has been pleased with the interim analysis of safety and preliminary efficacy. It feels the data is sufficiently encouraging to warrant study in front-line therapy, where radiation therapy is more extensively used.
What is TLX101?
TLX101 is currently under evaluation for the treatment of recurrent glioblastoma multiforme at five sites across Australia and Europe. Recurrent glioblastoma is a highly aggressive cancer that progresses rapidly and has very few effective treatment options.
Telix's Chief Medical Officer, Dr. Colin Hayward, commented: "We are highly encouraged by the safety profile of this single arm dose-escalation study, where different dosing regimens have been combined with external radiation therapy."
"Whilst a small study of ten patients, promising overall survival and anti-tumour response observed from longitudinal imaging supports the decision to progress this candidate into an earlier line of therapy. A follow-on study is currently in planning to accelerate the development of TLX101 in this important therapy area with high unmet medical need," he added.
