Synta Provides Company Updates and Reports Fourth Quarter and Year-End 2012 Financial Results

— Expects mid-year overall survival results from the GALAXY-1 trial for ganetespib in second-line non-small cell lung cancer –

— Expects enrollment of the pivotal GALAXY-2 Phase 3 trial to commence this month —

— Announces key addition to executive management team –

LEXINGTON, Mass.–(BUSINESS WIRE)– Synta Pharmaceuticals Corp. (NAS: SNTA) today provided an update on recent progress with its clinical programs and reported financial results for the fourth quarter and year ended December 31, 2012.

“Over the past year, we have made strong progress in the development of ganetespib, our Hsp90 inhibitor,” said Dr. Safi Bahcall, President and CEO of Synta. “Interim results presented last year from our GALAXY-1 trial evaluating ganetespib as second-line treatment of non-small cell lung cancer showed encouraging clinical activity. We look forward to presenting more mature results from the 240-patient target population of this trial mid-year, and enrolling the first patient in our GALAXY-2 Phase 3 trial before the end of this month.”

“Ganetespib represents a distinct cancer treatment paradigm – targeting one protein, the chaperone, which simultaneously destabilizes a broad range of oncogenic pathways,” said Dr. Sumant Ramachandra, President of Research and Development. “This approach is differentiated: existing cancer therapies are generally either non-specific, for example anti-mitotic chemotherapies, or target one particular signaling protein involved in a limited number of cancer signaling pathways, for example tyrosine kinase inhibitors.”

“The clinical evidence to date, together with the preclinical results that show treatment with ganetespib changes the broader biology of cancer cells, reducing tumor aggressiveness, are encouraging,” continued Dr. Ramachandra. “Results expected later this year will be important in confirming the clinical activity and establishing the potential for ganetespib beyond lung cancer.”

The safety profile of ganetespib has been favorable in over 700 patients treated to date in more than 20 clinical trials. Transient, mild or moderate diarrhea has been the most commonly reported adverse event.

Key accomplishments in 2012

1. At the 2012 Congress of the European Society for Medical Oncology (ESMO), investigators …read more
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