ATHENEX Worries come with FDA decision
The OBSERVER's View
Much of the north county’s promising future has been tied to one company: Athenex. Since state Gov. Andrew Cuomo came to town in February 2016 touting the firm and its expansion, there has been a certain amount of skepticism regarding the plant and its mission of having oral drugs to fight cancer.
After last week’s announcement by the company that its most recent breast cancer treatment failed to receive the approval of the Food & Drug Administration, worries skyrocketed. Stock once priced at more than $12 a share slipped to $4 from March 1 to Friday.
“We remain committed to the breast cancer community and will explore the best path forward to obtain regulatory approval,” Dr. Johnson Lau, chief executive officer of Athenex, said. “In the interim, we will identify and undertake the appropriate internal organizational adjustments accordingly.”
A lot has been invested in the 405,000 square-foot facility off Route 5. Operations, officials said, are still slated to begin later this year.
All this being said, pressure is growing on the company — and it is not just in Dunkirk.