Celgene ( CELG ) stock fell late late Thursday after the biotech discontinued a pair of trials and won’t begin a third for a late-stage drug being investigated to treat Crohn’s disease.
[ibd-display-video id=2382612 width=50 float=left autostart=true]A Phase 3 trial dubbed Revolve and the extension trial known as Sustain will discontinue. A third trial in Crohn’s disease, a Phase 3 study called Define, will not be initiated. The trials involved the drug known as mongersen.
“We thank the patients and the investigators involved in the Revolve trial,” Chief Operating Officer Scott Smith said in a news release . “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.”
The decision came following a recommendation from the data monitoring committee, which assessed overall benefit and risk during a recent interim analysis, Celgene said. It noted there were no meaningful safety imbalances identified in the analysis.
Celgene is waiting to review data from a Phase 2 trial of mongersen in ulcerative colitis to determine its next steps.
Celgene shares fell 6% to 127.75 in late trading on the stock market today . Celegene had closed down 0.9% at 135.96.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.