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Why MEI Pharma Is Tanking 15.3% Today

TheMotleyFool

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Shares in MEI Pharma (NASDAQ: MEIP) are tumbling 15.3% at 11:55 a.m. EDT on Thursday following news its collaboration partner, Helsinn Group, is discontinuing a phase 3 trial of pracinostat in acute myeloid leukemia, or AML.

Helsinn Group was studying pracinostat alongside Vidaza as a potential new front-line therapy for AML patients unable to receive chemotherapy. Unfortunately, an interim look at results by an independent monitoring committee showed the approach was unlikely to deliver better overall survival than the trial's control group, resulting in Helsinn's decision to end the study.

Image source: Getty Images.

Source Fool.com

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