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Endocyte Plunges Most Since 2011 After Drug Trial Is Stopped

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.