BOULDER, Colo. ( TheStreet) -- Clovis Oncology (CLVS) is shutting down development of its experimental pancreatic cancer drug C0-101 following negative results from a late-stage study, the company said Monday.
Pancreatic cancer patients treated with CO-101 did not live any longer than patients treated with the chemotherapy drug gemcitabine. Median survival in each arm of the study was approximately six months.
"We are obviously disappointed with these results, which are unambiguous," said Clovis CEO Pat Mahaffy.
Clovis shares closed Friday at $21.49.
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