Chemotherapy

Tapestry Reports Third Quarter 2007 Financial Results and Preliminary Data >From Its Phase 2 Prostate Cancer Trial

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The net loss for the third quarter of 2007 was $6.1 million, or $0.37 per share. This compares to a net loss for the third quarter of 2006 of $3.6 million, or $0.22 per share. Included in the net loss for the third quarter of 2007 and 2006 is non-cash equity compensation expense totaling $869,000 and $615,000, respectively.

The net loss for the nine-months ended September 26, 2007 was $16.7 million, or $1.01 per share. This compares to a net loss for the nine-months ended September 27, 2006 of $12.1 million, or $1.03 per share. Included in the net loss for the nine-months ended September 26, 2007 and September 27, 2006 is non-cash equity compensation expense totaling $2.6 million and $2.5 million, respectively.

As of September 26, 2007, Tapestry had $9.4 million in cash, cash equivalents, and short-term investments.

Preliminary Results from Phase 2 Prostate Cancer Study

Tapestry also reported on the first five evaluable patients in its Phase 2 prostate cancer trial. The trial is a multi-center, open label, two arm Phase 2 study for up to 80 patients who have failed prior docetaxel therapy for their disease.

Two patients who received previous benefit from prior docetaxel therapy enrolled in Arm 1 of the trial, and three patients who had no response to prior docetaxel therapy enrolled in Arm 2 of the study.

The two patients in Arm 1 of the study evidenced a stable disease lasting 8 cycles and a confirmed partial response, measured by PSA, and that patient remains on study lasting 9 cycles. Of the three patients in Arm 2 of the study, one progressed on treatment, one discontinued treatment prior to evaluation, and one patient had a confirmed partial response and remains on study after 7 cycles.

In summary, the first five evaluable patients there were two confirmed durable partial responses and one patient with stable disease. No grade 3 or 4 adverse events were reported to date and the two responding patients remain on trial. This study is currently actively enrolling.

Phase 2 Trial of TPI 287 for Pancreatic Cancer Initiated

Tapestry also initiated in the third quarter a second Phase 2 trial to explore the activity of TPI 287 in advanced pancreatic cancer. The trial is a multi-center, open-label, single arm Phase 2 study for up to 65 patients with advanced stage, unresectable pancreatic cancer, who have failed a prior gemcitabine-containing chemotherapy regimen for their disease. The trial will be conducted in approximately 10 to 15 centers in the U.S., Europe and India. This study is currently actively enrolling.

Data Presented from Preclinical Studies at International Cancer Conference

Tapestry also presented preclinical data on TPI-287 at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics. The poster presentation outlined the results of a number of different assays that confirm the Company's earlier observations that TPI 287 is less sensitive in a variety of resistant cancer cell lines to MDR1 mediated efflux than other approved taxanes. MDR1 mediated drug efflux may be a primary cause of resistance to chemotherapy with taxanes. Also presented was data showing that TPI 287 is retained at higher levels in MDR1 expressing cell lines than either paclitaxel or IDN 5109, another taxane in development purported to be active in MDR1 expressing tumors. In addition, data was presented that demonstrated tumor growth inhibition of TPI 287 when delivered orally in subcutaneous mouse xenograft models of both pancreatic cancer and glioblastoma multiforme.

"All of us at Tapestry are encouraged by the emerging safety and efficacy profile of TPI 287." commented Leonard Shaykin, Chairman and CEO of Tapestry. "Prior to year end we anticipate initiating both our oral PK Phase 1b trial in multiple tumor types and our third Phase 2 trial for TPI 287 in glioblastoma multiforme."

Keywords: Adverse Drug Effect, Adverse Drug Event, Adverse Drug Reaction, Clinical Trial Research, Docetaxel, Drugs, Glioblastoma, Molecular Research, Molecular Targets, Oncology, Pancreatic Cancer, Pancreatic Neoplasms, Pharmaceuticals, Prostate Cancer, Prostatic Neoplasms, Therapy, Treatment, Tapestry Pharmaceuticals Inc.

This article was prepared by Biotech Business Week editors from staff and other reports. Copyright 2007, Biotech Business Week via NewsRx.com.