(-) Infinity Pharma stops phase 2 trial of saridegib drug; Shares plunge (Wall Street Journal Online) - Jan 27, 2012 - P1/2, N=130; IPI-926-03; Drug developer Infinity Pharmaceuticals Inc said it is stopping the P2 trial of saridegib to treat pancreatic cancer, after it was found that the trial wouldn't meet the company's goals; Infinity said SR when compared with a placebo plus gemcitabine showed rates favoring those receiving the placebo, due partly to more pts with a progressive form of the disease ending up in the saridegib arm of the study
Trial terminated • Pancreatic Cancer
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Drug developer Infinity Pharmaceuticals Inc. (INFI) said it is stopping a Phase 2 clinical trial of a drug to treat pancreatic cancer, after it said it found that the trial wouldn't meet the company's goals.
The trial was reviewing its drug saridegib in combination with anti-cancer chemotherapy drug gemcitabine on 122 patients with previously untreated, metastatic pancreatic cancer. Infinity said survival rates when compared with a placebo plus gemcitabine showed rates favoring those receiving the placebo, due partly to more patients with a progressive form of the disease ending up in the saridegib arm of the study.
Shares plummeted 45% premarket to $5.49. As of Thursday's close, the stock was up 21% over the past three months.
The company canceled this upcoming Tuesday's update of its saridegib program, which was to be held in New York City.
Separately, Infinity is conducting Phase 2 trials of saridegib as a single agent in myelofibrosis, an incurable malignancy of the bone marrow, and in chondrosarcoma, a rare and life-threatening cancer of the cartilage. The company expects to report data from the myelofibrosis trial in the second half of 2012 and from the chondrosarcoma study in the first half of 2013.
In November, Infinity said its third-quarter loss narrowed on lower research and development costs and higher revenue.
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