NEW YORK (TheStreet) -- Shares of Inovio Pharmaceuticals (INO) dropped 8.82% to $10.03 in afternoon trading Monday after the company announced Roche (RHHVF) had terminated its collaboration, option, and license agreement to develop Inovio's prostate cancer immunotherapy INO-5150.
Inovio said it plans to independently develop INO-5150 via a Phase I clinical trial in the first half of 2015.
Inovio and Roche will still collaborate under their existing licensing agreement to co-develop Inovio's DNA immunotherapy INO-1800 for the hepatitis B virus. Inovio said the companies plan to move INO-1800 into a phase I study in 2015.
More than 1.4 million shares of Inovio had changed hands as of 12:25 p.m., which surpassed the daily average volume of 1,115,710.INO data by YCharts