CAMBRIDGE, Mass. (
announced disappointing results Wednesday from a mid-stage colon cancer study of the experimental cancer drug GDC-0449.
Treatment with GDC-0449 did not extend the time before tumors started to grow compared to treatment with standard of care, according to Curis and Roche. The phase II study enrolled patients with newly diagnosed colon cancer and randomized them to treatment with GDC-0449 plus Roche's Avastin and chemotherapy or Avastin and chemotherapy plus a placebo.
The study was conducted by the Genentech arm of Roche, which oversees development of GDC-0449 through a licensing agreement with Curis.
Roche continues to develop GDC-0449 in other cancers, including basal cell carcinoma and ovarian cancer.
GDC-0449 is an inhibitor of the hedgehog pathway, which is believed to play a role in the growth and survival of certain cancer cells.
Curis shares were halted briefly during Wednesday's pre-market trading session but fell 24% to $2.49 once trading began.
Neurocrine Licenses Female Health Drug to Abbott
(Updated at 6:44 AM EDT)
licensed worldwide rights to its experimental endometriosis drug to
, the companies announced Wednesday.
The Neurocrine drug, known as elagolix, is in phase II studies for the relief of endometriosis-related pain. Endometriosis is a condition in which the cells that normally line the walls of the uterus grow in other parts of the body, causing pain, irregular bleeding and infertility.
Under terms of the deal announced Wednesday, Abbott gains worldwide rights to elagolix in exchange for a $50 million upfront payment to Neurocrine. Abbott is paying all future development costs for the drug and Neurocrine is eligible for up to $500 million in future milestone payments as well as royalties based on sales of elagolix if approved.
Abbott also plans to explore development of elagolix for the treatment of uterine fibroids. The company also gains rights to next generation versions of elagolix.
Neurocrine shares closed Tuesday at $4.70.
-- Reported by Adam Feuerstein in Boston.
Follow Adam Feuerstein on
Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;
to send him an email.