(Recasts; adds details, share movement)
July 5 (Reuters) - Genaera Corp. GENR.O said on Thursday that it and its partners will stop mid-stage studies of two of its drugs and focus on other drugs in its pipeline.
The company halted trials of Lomucin, for the treatment of genetic disorder cystic fibrosis, and squalamine, for the treatment of prostate cancer.
Genaera will receive a final milestone payment of $100,000 from its Lomucin partner, Cystic Fibrosis Foundation Therapeutics Inc., without the need to refund any amount previously received.
As a result, the company will record revenue of about $2.1 million of which about $2 million was previously recorded as a long-term liability.
Genaera said it closed the study after a data monitoring committee, which following a joint evaluation of the midpoint data from study with Genaera, decided that there was no additional benefit from further enrollment for the trial.
The committee did not identify any safety concern in its review, the company said in a statement.
The squalamine study, funded by the U.S. Department of Defense, was also stopped. There had been no recent enrollment and there were delays in restarting the study at a new investigative site, the company said.
The company plans to focus on two of its other drugs — trodusquemine for obesity and MEDI-528, licensed to MedImmune Inc., for asthma.
Genaera shares were little changed at $2.92 in early morning trade on the Nasdaq. (Reporting by Varsha Tickoo in Bangalore)