Global Blood Therapeutics shares dropped 11.5% in premarket trade Monday after the company said it is discontinuing its idiopathic
pulmonary fibrosis therapy. Results from three early and mid-stage clinical trials “did not demonstrate sufficient overall clinical benefit to justify continuing the program,” said Chief Executive Ted Love. The company will continue developing the therapy, GBT440, for sickle cell disease, Love said, with early clinical trial results for a phase 3 trial expected in the first half of 2019. GBT440 appears to be the only therapy in Global Blood Therapeutics’ pipeline, according to the company’s website. Global Blood Therapeutics shares have risen 8.7% to $32.55 over the last three months, compared with a 4.2% rise in the S&P 500 .
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