By Rob Curran
Shares of Tango Therapeutics plunged after it logged a wider third-quarter loss and said it would test a cancer drug in combination with another company's product candidate.
The Boston biotech firm posted a third-quarter loss of $29.2 million, or 27 cents a share, wider than the loss of $22.3 million, or 23 cents a share, in the prior-year period.
Revenue inched up to $11.6 million from $10.7 million.
During the quarter, Tango said its TNG462 cancer-drug candidate showed promise in an early-stage phase 1/2 clinical trial, prompting the company to advance the treatment through a development program. The biotech firm struck a deal with rival Revolution Medicines to test TNG462 in combination with Revolution's RAS$(ON)$ multi- and G12D-selective inhibitors.
Tango said Maeve Waldron-Lynch joins as senior vice president and head of clinical development later in November.
Shares of Tango plunged 35% to $3.38, premarket.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
November 06, 2024 09:14 ET (14:14 GMT)
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