Infinity Pharmaceuticals Inc. (INFI) announced Monday that it is discontinuing phase II trials of its investigational drug Saridegib, also known as IPI-926, which was being evaluated in chondrosarcoma, a common type of bone cancer, and in myelofibrosis, an incurable malignancy of the bone marrow, based on the trials' interim data.
According to the company, Saridegib was similar to placebo in chondrosarcoma, while the clinical activity of the drug candidate observed in patients with myelofibrosis did not satisfy the company's pre-specified criteria for expansion.
Earlier in the year, the company halted a phase II trial of Saridegib in pancreatic cancer after an interim analysis showed that the drug candidate would not meet its primary goal of improving overall survival in pancreatic cancer patients.
Infinity Pharma noted that it would continue to focus on the ongoing development of IPI-504 (retaspimycin HCl) and IPI-145. IPI-504 is under phase II development for non-small cell lung cancer while IPI-145 is under phase I study in patients with advanced hematologic malignancies. The company anticipates reporting results from the two trials in the second half of 2012.
Adelene Perkins, president and CEO of Infinity said, " While this news is disappointing, these disappointments are an inherent part of our business in the pursuit of transformative therapies. This is precisely why we have built a portfolio of drug candidates. In addition, we have a strong financial foundation that enables us to advance our ongoing trials to key value inflection points while continuing to invest in our pipeline."
INFI has thus far hit a 52-week low of $5.50 and a 52-week high of $14.15. The stock closed Friday's trading at $13.88. In pre-market trading Monday, the stock is down over 20% at $11.
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