NEW YORK (TheStreet) -- Endocyte (ECYT) plummeted approximately 25% in after-hours trading on Tuesday after the biopharmaceutical company announced Merck (MRK), through a subsidiary, would no longer pursue development of vintafolide, aka Vynfinit.
Endocyte said it has regained worldwide rights to the ovarian cancer drug and will evaluate Vynfinit "for future development opportunities."
Endocyte's stock plummeted on May 2 when the drug failed in a Phase III study. For more on that, read TheStreet's Adam Feuerstein's story here.
The stock was down 23.7% to $5.89 at 4:34 p.m.