(Reuters) – Clovis Oncology Inc said on Friday it was halting a mid-stage trial testing its lead drug in bladder cancer patients, sending shares down 12 percent.
The company said its decision to discontinue the trial was based on recommendations of an independent committee, which suggested that the treatment may not provide a meaningful benefit to patients.
However, Clovis said it would continue to test the drug, Rubraca, in combination with other treatments for bladder cancer.
The drug is also being tested in late-stage trials as a treatment for ovarian cancer as well as for treating patients with prostate cancer.
Rubraca belongs to a new class of cancer drugs called PARP-inhibitors, which work by blocking enzymes involved in repairing damaged DNA of cancer cells, thereby helping to kill them.
Shares of the Boulder, Colorado-based drug developer fell 12.5 percent to $20.55 after market hours.
(Reporting by Manas Mishra in Bengaluru; Editing by James Emmanuel)