Endocyte Inc., with no marketed products, plunged the most in more than two years after the drug it’s developing with Merck & Co.’s backing failed to help patients in a trial for ovarian cancer.
The phase III study was stopped after an analysis showed that vintafolide didn’t demonstrate efficiency when treating patients with platinum-resistant ovarian cancer, the companies said in a statement today. Endocyte, based in West Lafayette, Indiana, declined 62 percent to $6.62 at the close in New York, its biggest one-day drop since December 2011. Merck, which has the rights to sell the medicine, fell 2.4 percent to $58.22.
