Eli Lilly's Investigational Cancer Drug Hits Snag in Breast Cancer Trial
August 10 2016 - 10:00AM
Dow Jones News
Eli Lilly & Co. said Wednesday its investigational
cancer-fighting drug failed to meet efficacy criteria in an interim
analysis of a phase-3 trial for treatment of breast cancer.
Shares slipped 1.8% to $80.00 in premarket trading. Eli Lilly
stock had climbed 6% in the past three months through Tuesday's
close.
The pharmaceutical manufacturer said the trial of the drug,
Abemaciclib, will continue into the first half of 2017, at which
point a final analysis of its primary endpoint—progression-free
survival—will be disclosed, as well as overall survival and safety
data. The company didn't specify what efficacy criteria the
treatment has not met so far in the trial, but an independent data
monitoring committee recommended Lilly continue the study without
modifications.
Abemaciclib is an oral cell cycle inhibitor, designed to block
the growth of cancer cells. The company has several trials
evaluating abemaciclib in breast cancer, and a Phase 3 trial of
abemaciclib in lung cancer is also under way. Investors have been
optimistic on the drugmaker's medicines currently in
development.
The Indianapolis company has bet on its own research pipeline to
generate new products and boost revenue in an effort to offset
generic competition for older drugs. Its efforts started to pay off
in 2014 when Lilly began to launch a series of new drugs, such as
cancer treatment Cyramza and diabetes drug Trulicity. In recent
quarters, sales of new drugs have helped pad the effects of patent
expirations.
The company's chief executive, John C. Lechleiter, said last
month he would retire at the end of the year after eight years
leading the company.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 10, 2016 09:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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