Reuters: Global Markets: Geron drug fails breast cancer trial, shares sink

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Geron drug fails breast cancer trial, shares sink Sep 10th 2012, 12:32 Mon Sep 10, 2012 8:32am EDT (Reuters) - Cancer drugmaker Geron Corp said it would halt the study of its experimental drug, imetelstat, as a treatment for breast cancer and the drug was also unlikely to move forward in trials for advanced non-small cell lung cancer, causing the company's shares to shed nearly half their value. The company stopped the mid-stage breast cancer trial after an interim check showed that the drug was not better than the current standard of care in extending patients' lives without the disease progressing. Geron also said that though an interim analysis of the non-small cell lung cancer (NSCLC) study supported a modest benefit from the drug, it was doubtful that company would launch late-stage trials for the indication as success criteria for the mid-stage trial were unlikely to be met. Further development of the drug for blood disorders essential thrombocythemia and multiple myeloma have not been adversely impacted by these results, Geron said. Shares of the Menlo Park, California-based company, which have more than doubled over the last three months, were down 45 percent at $1.54 in trading before the bell.

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