Updated from 8:32 a.m. ESTShares of Telik ( TELK) were tanking after the company said its experimental cancer drug Telcyta failed to meet the preset goals of two separate late-stage clinical studies. One trial was a 520-patient study designed to evaluate Telcyta in advanced non-small-cell lung cancer. The drug was compared with gefitinib, and it didn't achieve a statistically significant improvement in overall survival, the primary endpoint. A trial of the drug in ovarian cancer patients also disappointed, the biopharmaceutical company said. A 440-patient study comparing Telcyta with liposomal doxorubicin or topotecan fell short of its main target of demonstrating a statistically significant improvement in overall survival. Telik's stock was plunging $11.33, or 70%, to $4.93 early Tuesday.