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.
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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.