Cyclacel's Stock Plunges After Disappointing Trial Results Of Its Cancer Treatment

Shares of Cyclacel Pharmaceuticals Inc. plunged 19% in premarket trade Thursday, after disappointing late-stage trial results of its leukemia treatment. The company said a phase 3 Seamless trial of its treatment of newly diagnosed acute myeloid leukemia in elderly patients did not meet its primary endpoint of statistically significant improvement in overall survival. Cyclacel said a secondary endpoint of an improved rate of complete remission was observed in patients who had discontinued therapy at the time of analysis. "We plan to discuss the data with European and US regulatory authorities once subgroup analyses are completed over the next few months and will report our further plans as they develop," said Cyclacel Chief Executive Spiro Rombotis. The stock has soared 26% over the past three months through Wednesday, while the S&P 500 has gained 7.2%.