Seattle Genetics Inc. said Monday that it is discontinuing the Phase 3 clinical trial of its acute myeloid leukemia treatment, SGN-CD33A, after data indicated a higher rate of deaths, including fatal infections. The company said it will suspend patient enrollment and treatment, and will closely review the data and consult with the Food and Drug Administration to determine future plans. "This is a disappointing and unexpected result for the CASCADE trial. Patient safety is our highest priority, and we will closely review the data and evaluate next steps," said Chief Executive Clay Siegall. The stock, which is still inactive in premarket trade, has rallied 22% year to date through Friday, while the iShares Nasdaq Biotechnology ETF has climbed 10% and the S&P 500 has gained 8.7%.
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