Compass falls after FDA recommends fresh trial before marketing application submission

** Shares of Compass Therapeutics CMPX.O fall 40.8% to $1.51 premarket

** Co says the US FDA recommended a new trial to demonstrate survival benefit before submitting a marketing application for its experimental drug, tovecimig

** Tovecimig is being tested in patients with advanced biliary tract cancer, a rare and aggressive type of malignancy that starts in the bile ducts or gallbladder

** Compass says it does not believe that a new trial is warranted prior to submitting a marketing application, based on its mid to late-stage trial and the urgent unmet medical need for patients

** Co says it intends to further engage with the FDA

** Up to last close, stock down 66% YTD