Advertisement
Canada markets closed

  • S&P/TSX

    22,011.72
    +139.76 (+0.64%)
     

  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • CAD/USD

    0.7319
    +0.0018 (+0.25%)
     

  • CRUDE OIL

    83.37
    +0.01 (+0.01%)
     

  • Bitcoin CAD

    90,773.43
    -357.38 (-0.39%)
     

  • CMC Crypto 200

    1,429.52
    +14.76 (+1.04%)
     

  • GOLD FUTURES

    2,335.70
    -6.40 (-0.27%)
     

  • RUSSELL 2000

    2,002.64
    +35.17 (+1.79%)
     

  • 10-Yr Bond

    4.5980
    -0.0250 (-0.54%)
     

  • NASDAQ futures

    17,669.00
    +62.25 (+0.35%)
     

  • VOLATILITY

    15.69
    -1.25 (-7.38%)
     

  • FTSE

    8,044.81
    +20.94 (+0.26%)
     

  • NIKKEI 225

    37,552.16
    +113.55 (+0.30%)
     

  • CAD/EUR

    0.6836
    -0.0014 (-0.20%)
     

Celgene won't initiate phase 3 trial for Crohn's disease drug

Angelica LaVito
Updated
Celgene won't initiate phase 3 trial for Crohn's disease drug

Celgene (NASDAQ: CELG) 's shares fell about 6.3 percent in after-hours trading on Thursday after the pharmaceutical company said that it won't initiate a phase 3 trial for a Crohn's disease drug. The company said it made the decision after a recommendation from the data monitoring committee, which assessed overall benefit and risk. There were no meaningful safety imbalances identified, Celgene said."While we are disappointed with the results of REVOLVE, we remain committed to advancing our portfolio of novel medicines for patients suffering from this disease and other inflammatory bowel disorders," Celgene President and Chief Operating Officer Scott Smith said in a statement.Celgene said it would review the full dataset from the phase two trial of an ulcerative colitis drug before determining the next steps.WATCH: Celgene reopens, shares plunge Celgene (NASDAQ: CELG) 's shares fell about 6.3 percent in after-hours trading on Thursday after the pharmaceutical company said that it won't initiate a phase 3 trial for a Crohn's disease drug. The company said it made the decision after a recommendation from the data monitoring committee, which assessed overall benefit and risk. There were no meaningful safety imbalances identified, Celgene said. "While we are disappointed with the results of REVOLVE, we remain committed to advancing our portfolio of novel medicines for patients suffering from this disease and other inflammatory bowel disorders," Celgene President and Chief Operating Officer Scott Smith said in a statement. Celgene said it would review the full dataset from the phase two trial of an ulcerative colitis drug before determining the next steps. WATCH: Celgene reopens, shares plunge

More From CNBC

  • Top News and Analysis

  • Latest News Video

  • Personal Finance