AbbVie Inc (NYSE:ABBV) shares are taking a beating in the wake of disappointing lung cancer drug results. The company has pointed to an incredibly bright future for its Rova-T, but poor mid-stage results has led to enthusiasm being tempered.
Endpoints has the news on AbbVie’s troubles.
AbbVie’s stock $ABBV is getting hammered this morning after its $10 billion Rova-T program posted poor mid-stage results for third-line small cell lung cancer, forcing the company to scuttle any plans to seek an accelerated approval for the closely-watched drug after talks with skeptical regulators.
AbbVie pointed to the drug as having the potential to deliver blockbuster results, but investigators found only a a 16 percent objective response rate. When combined with the findings of a median overall survival of 5.6 months for the drug, it’s clear that there’s a lot more work to be done before blockbuster results are achieved.
“Although the results from the study were not what we hoped for, we look forward to receiving data from the ongoing Phase 3 studies in the first- and second-line settings and remain committed to developing Rova-T for the treatment of patients with small cell lung cancer,” said Mike Severino, Abbvie’s executive vice president of research and development and chief scientific officer.
AbbVie Inc shares were trading at $100.55 per share on Thursday morning, down $11.90 (-10.58%). Year-to-date, ABBV has gained 4.72%, versus a 0.93% rise in the benchmark S&P 500 index during the same period.
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