Shares of OncoMed Pharmaceuticals(OMED) - Get Report were down 23.6% to $3.70 in premarket trading on Monday after the Redwood City, Calif.-based company said a phase two study of tarextumab in combination with etoposide plus either cisplatin or carboplatin chemotherapy in previously untreated patients with extensive-stage small cell lung cancer did not meet endpoints. The company also said it will discontinue enrollment in the phase 1b clinical trial of brontictuzumab in combination with trifluridine/tipiracil in third-line colorectal cancer patients.
Shares of Incyte(INCY) - Get Report were down 10.3% to $126.40 on the heels of the announcement by the company and Eli Lilly(LLY) - Get Report on Friday that the U.S. Food and Drug Administration has rejected the new drug application for rheumatoid arthritis pill baricitinib. Shares of Eli Lilly were down 4.9%. According to the news release, the companies said the FDA's complete response letter included a request for additional clinical data to determine appropriate doses of baricitinib. The FDA also asked for more safety data. Indianapolis-based Lilly and Wilmington, Del.-based Incyte said they disagree with the FDA's conclusions, adding that the timing of a resubmission will be based on further talks with the FDA.
Among the other biotech stock movers include Omeros(OMER) - Get Report , whose shares were up 2.1% to $15.75. The Seattle-based firm focuses on small-molecule and protein therapeutics for large-market and orphan indications that target inflammation, coagulopathies and central nervous system disorders.
- Adam Feuerstein contributed to this article