Cytokinetics ( CYTK) said that according to results of three recent two-stage phase II trials sponsored by GlaxoSmithKline ( GSK), its cancer drug ispinesib didn't satisfy criteria to move to the next stage. However, the Cytokinetics said ispinesib did meet response criteria in a fourth trial as a breast cancer treatment, and the company plans to initiate a GlaxoSmithKline sponsored phase I/II clinical trial in first-line treatment of patients with locally advanced or metastatic breast cancer before the end of the year. Cytokinetics lost 63 cents, or 10%, to $5.65. GlaxoSmithKline dropped 8 cents or 0.2%, to $52.37. A separate news note: Merck ( MRK) lured away Biogen Idec's ( BIIB) current CFO, Peter Kellogg. Kellogg, who has been at Biogen since 2004, will succeed Judy Lewent, who's retiring from Merck. He will start in the role on Aug. 10. Biogen said it will name a new CFO in the next several weeks. Biogen was down 5 cents, or 0.9%, to $53.50, while Merck was down 68 cents, or 1.4%, to $49.80, on Friday. Biogen is a component of the Amex Biotechnology index, which was down 7.26, or 0.9%, to 776.08.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).