Infinity Pharmaceuticals stops IPI-504 GIST drug testing

April 16, 2009 – 6:59 pm – No Comment

Infinity Pharmaceuticals has been testing out a drug called IPI-504 which is supposed to treat refractory gastrointestinal stromal tumors or GIST for short. Today the trials were abruptly called off after data showed that more patients were dying while taking the drug than Infinity was predicting.

As a result, the company’s stock price fell about 33% from the previous day’s close of $8.63 to $5.73.

Infinity said that the patients (who were reviewed) in phase 3 were worse off than those in phase 2.

“Patient safety is our top priority and we have acted quickly to implement the recommendations of the (independent review),” said Julian Adams, Infinity’s president of research and development and chief scientific officer, in a prepared statement. “While this outcome is disappointing, we would like to acknowledge the patients and caregivers who have participated in this trial and thank them for their support.”

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