Updated from 8:32 a.m. EST

Shares 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.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday