Inovio Pharmaceuticals Inc. stock dropped 13.9% in morning trade Monday after the company said its proposed phase 3 trial for a cancer treatment had been placed on a clinical hold by the Food and Drug Administration. The company said the regulator had requested more data to “support the shelf-life of the newly designed and manufactured disposable parts” of the company’s Cellectra 5PSP immunotherapy delivery device. Inovio anticipates a formal letter from the FDA with more information within a month and said it estimates the phase 3 trial will be delayed until the first half of 2017.The trial has not yet started, enrolled or dosed patients, the company said. Inovio shares dropped 21.4% over the last three months, compared with a 1.0% decline in the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News