Shares of Innate Pharma SA tumbled sharply on Monday following the failure of the clinical-stage biotech company's lead partnered asset in a Phase 3 study in head and neck cancer.
The Marseille, France, company said the study evaluating monalizumab in combination with cetuximab versus cetuximab alone in patients with recurrent or metastatic squamous cell carcinoma of the head and neck didn't meet a pre-defined threshold for efficacy, and that partner AstraZeneca PLC was pulling the plug on the trial.
Innate, which has licensed full oncology rights to monalizumab to AstraZeneca under a 2015 development and commercialization agreement, said it remains confident in the development program for monalizumab in lung cancer.
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