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Infinity Pharma Reports Positive Results for Cancer Drug Eganelisib and Earnings

Infinity Pharmaceuticals reports positive results for its cancer drug eganelisib and stronger-than-expected second-quarter results.
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Infinity Pharmaceuticals  (INFI) - Get Infinity Pharmaceuticals, Inc. Report reported positive results for its cancer drug eganelisib and stronger-than-expected results for the second quarter.

Shares of Infinity, however, plunged 23% to $1.70 in premarket trading Tuesday. The stock already had dropped 34% in the six months through Monday. 

Eganelisib, the company said, “has been shown to reverse a fundamental biologic mechanism of immune suppression in cancer and activate an anti-tumor immune response."

The company presented its results from a Phase 2 study of eganelisib in combination with nivolumab (Opdivo).

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It also discussed a Phase 2 study evaluating eganelisib in a triple combination setting with atezolizumab (Tecentriq) and nab-paclitaxel (Abraxane).

In the first study, the median overall survival in the intent to treat population stood at 15.4 months versus 7.9 months on the control arm of nivolumab alone.

Infinity reported a second-quarter loss of 13 cents a share, shrinking from 16 cents last year and narrower than the Bloomberg analyst consensus of 14 cents.

Revenue registered $510,000 in the latest quarter, topping the analyst estimate of $390,000.

For the full year, Infinity continues to expect a net loss of $40 million to $50 million, compared to analysts’ forecasts of a $48.5 million loss.