ArQule Falls After Ending Cancer Drug Study: Boston Mover
This article is for subscribers only.
ArQule Inc., a maker of experimental cancer drugs, plunged the most in 16 years after it halted a study of a lung-tumor treatment that failed to meet goals for improving survival rates.
The drugmaker, which has no products on the market, fell 56 percent to $2.18 at the close in New York, for its biggest drop since October 1996 when the Woburn, Massachusetts-based company first offered shares to the public. A panel of scientific advisers recommended an early end to the trial of tivantinib, the cancer medicine ArQule is trying to develop with Tokyo-based Daiichi Sankyo Co., the companies said today in a statement.