ArQule (ARQL) shares are down 55% today after the company stopped a phase 3 trial for its lung cancer drug ARQ-197. This is the second issue for ArQule's lead drug candidate, with a previous trial halted because of safety-related problems. The good news here is that the drug does in fact appear to be safe. Unfortunately, it doesn't appear any more effective than placebo in treating lung cancer. Without any other drugs on the market, ArQule is just lucky that the crash isn't worse.
Peregrine Pharmaceuticals
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