Infinity Pharmaceuticals stopped two mid-stage trials of its experimental drug to treat a rare bone marrow disorder and a type of bone cancer, sending the company's shares down 21 percent in premarket trade.
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The company decided to stop the bone cancer trial after an independent data monitoring committee said the drug, saridegib, would not perform better than a placebo in increasing survival in patients without the cancer worsening.
Infinity also pulled the plug on a trial to treat myelofibrosis, a rare bone marrow disorder, after initial data did not satisfy its criteria for expanding the trial.
In January, Infinity had stopped another trial on saridegib as a treatment for pancreatic cancer.
Shares in Infinity Pharmaceuticals closed at $13.88 on Friday on the Nasdaq.