logo-loader

Celgene stock drops on drug development disappointment

Last updated: 07:45 20 Oct 2017 EDT, First published: 02:45 20 Oct 2017 EDT

trader in despair
Celgene's Crohn's drug has stalled

Celgene Corporation's (NASDAQ:CELG) stock were down more than 5% in premarket trade following news of a drug development disappointment.

In after-hours on Thursday, the pharmaceutical firm announced it would not take a possible Crohn’s disease treatment to Phase III trial.

READ: Celgene says US FDA places holds on clinical trials for cancer checkpoint inhibitor being developed with AstraZeneca

The company said the decision was based on a recommendation from a data monitoring committee assessing benefit and risk. It added that there were no meaningful safety imbalances.

"While we are disappointed with the results of REVOLVE, we remain committed to advancing our portfolio of novel medicines for patients suffering from this disease and other inflammatory bowel disorders," said Scott Smith, Celgene chief executive.

Ahead of Friday’s open, Celgene shares were down 5.67% trading at US$128.25.

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

2 hours, 54 minutes ago