OncoMed Stock Plunges After Negative Findings By Study Monitoring Board

By MarketWatchMarketWatch Pulse

OncoMed Pharmaceuticals Inc. stock plunged 37% in pre-market trade Monday, after an independent data safety monitoring board advised "of several findings regarding futility" of a Phase 2 clinical trial for a treatment of pancreatic cancer. The findings included a worsening of response rate and a strong trend toward a lack of benefit for overall survival. OncoMed said it is considering what to do next. Tarextumab is a product of a collaboration between OncoMed and GlaxoSmithKline . GlaxoSmithKline's stock edged up 0.2% in premarket trade.

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