(Reuters) – Merrimack Pharmaceuticals Inc said on Monday it would stop developing its experimental treatment for pancreatic cancer after it failed to meet the main and secondary goals in a mid-stage trial.
The company said it would now focus on developing other programs in its pipeline, which includes a drug for breast cancer and lung cancer.
The experimental pancreatic cancer treatment, MM-141, was being studied in addition to standard-of-care treatment for patients with previously untreated metastatic pancreatic cancer.
Mid-stage data from one of the company’s experimental compounds for treating certain lung cancer patients is expected in the second half of the year, Merrimack said.
Shares of the Cambridge, Massachusetts-based company fell 23.5 percent to $7 in premarket trading.
Reporting by Manas Mishra in Bengaluru; Editing by Anil D’Silva