NanoString revises guidance after Astellas and Pfizer ax late-stage study of enzalutamide + chemo in TNBC, $10.6M in deferred revs no longer; shares off 2%

• NanoString Technologies (NSTG -1.6%) will record $10.6M in deferred revenue as collaboration revenue this year after Astellas Pharma (OTCPK:ALPMF)(OTCPK:ALPMY) and Pfizer's (PFE +0.1%) decision to terminate their planned Phase 3 clinical trial, ENDEAR, evaluating enzalutamide and paclitaxel in patients with advanced triple-negative breast cancer (TNBC).
• The company had received $12.0M in total payments related to its role in the collaboration.
• Management has revised its 2017 guidance as follows: Collaboration revenue: $25.0M - 26.0M from $19.0M - 20M; total revenue: $106.0M - 111.0M from $100M - 105M.
• Q2 guidance: Collaboration revenue: $14.0M; total revenue: $33.5M.