Infinity Pharmaceuticals Inc said its cancer drug failed to improve overall survival in a mid-stage study on patients with non-small cell lung cancer who had a history of smoking.
The drug, retaspimycin HCl, also failed to improve overall survival in patients with squamous cell carcinoma, a type of non-small cell lung cancer that is closely linked to smoking.
The company said it will not start any new trials with the drug, but would complete enrollment in a separate study by the end of the year.
Infinity said it will now focus on developing IPI-145, which it is testing to treat advanced blood cancers, asthma and rheumatoid arthritis.
The company tested retaspimycin HCl in combination with docetaxel, an approved cancer drug, comparing it with a combination of docetaxel and placebo in patients who failed to respond to prior treatment.
Infinity said the safety of the drug plus docetaxel was comparable to docetaxel and placebo.
The company's fell nearly 2 percent to $17.99 in early trade on Wednesday.
(Reporting By Vrinda Manocha in Bangalore; Editing by Sriraj Kalluvila)