NewLink Shares Plummet 40% After Disappointing Cancer Drug Study

NewLink Genetics Corp. shares plummeted in the extended session Monday after the biotech company said its study for a pancreatic cancer drug did not reach its primary goal. NewLink shares dropped 40% to $9.97 on heavy volume after hours following a brief trading halt. The company said a late-stage clinical trial for its algenpantucel-L treatment did not statistically improve survival rates in patients with resected pancreatic cancer. "In light of these negative results, our scientific and clinical teams will focus on other promising opportunities in our pipeline," said Charles Link, NewLink chairman and chief executive, in a statement.

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