Proactive Investors - Run By Investors For Investors

Infinity Pharma shares dumped after Phase II trial misses expectations

Infinity Pharmaceuticals Inc shares are dumped after the biotech said its lead drug duvelisib fell short of Phase II expectations, forcing it to pause work with partner AbbVie
Infinity Pharma shares dumped after Phase II trial misses expectations
A pause is forced upon Infinity Pharma

Infinity Pharmaceuticals Inc. (NASDAQ:INFI) shares were unceremoniously dumped on Tuesday after the biotech said its lead drug duvelisib hit the primary endpoint in a Phase II study for indolent non-Hodgkin lymphoma but fell short of expectations.

The company has been forced to pause work on a combo with AbbVie (NYSE:ABBV) and shutter its discovery efforts to save cash.

The latest crisis for the Cambridge, MA-based biotech firm comes three years after the company was forced to restructure in the wake of its then failed flagship drug.

The latest setback is also spurring a re-think of the collaboration between AbbVie and Infinity. The partners are pausing an AbbVie-run Phase Ib/II study pairing duvelisib with venetoclax as they “explore next steps for the parties' collaboration.” And Infinity is also jerking its financial guidance as it regroups.

Investors voted with their feet as more than 17 mln shares changed hands on Tuesday, versus a 50-day average of 422,000 shares.

Infinity shares were anything but, falling 70% to $1.32, a record low. AbbVie shares were down 0.03% at $59.91.

View full INFI profile View Profile

Infinity Pharmaceuticals Timeline

Related Articles

Oncoprex
October 17 2018
The biotech was founded by an investment group led by scientists and driven by a no-nonsense CEO whose stake is more than just business as usual
Cancer cells
June 27 2018
The Nottingham-based privately-owned company has made an impressive fist of developing the OMIS (Opto-magnetic Imaging Spectroscopy) cancer detection system
Vial of pills
June 25 2018
Cosmos is a modern company, but the trade routes it relies on are ancient
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use