ProNAi Therapeutics Inc.’s stock lost more than half its value toward a record low in premarket trade Monday, after the drug development company said it would discontinue development of its lymphoma treatment following disappointing Phase 2 trial results. The company said that while “modest efficacy” was observed, the trial results were not robust enough to justify continued development of the drug. “We continue to maintain a strong balance sheet and will focus our resources and activities on advancing our newly licensed Cdc7 inhibitor, PNT141, as well as on securing additional assets to build a broad and diverse pipeline of oncology drugs under our development,” said Chief Executive Nick Glover. The stock, which went public on July 16, 2015 at an IPO price of $17, traded as high as $33.75 intraday on its first day. The stock was down 60% ahead of the open at $2.55.
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