TheStreet

Shares of AbbVie (ABBV - Get Report) were rising as the company said it would discontinue a Phase III trial of its Rova-T treatment for advanced small-cell lung cancer. 

The treatment showed no survival benefit for patients when compared with a placebo, the North Chicago biopharma said.

An independent data-monitoring committee recommended terminating the trial due to its lack of efficacy, AbbVie said. 

"Small-cell lung cancer continues to be one of the most difficult-to-treat cancers where there is a significant need for transformative therapies," Margaret Foley, a physician and vice president and global head of solid-tumor development at AbbVie, said in a statement.

"We are disappointed with this outcome for the patients who suffer from this disease." 

The company said it would focus its research and development on other therapies in its oncology portfolio. 

AbbVie shares are up 0.32% to $66.28 Thursday. 

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