April 12 (Reuters) - Clovis Oncology Inc said on Friday it was halting a mid-stage trial testing its lead drug in bladder cancer patients, sending shares down 12 percent.
The company said its decision to discontinue the trial was based on recommendations of an independent committee, which suggested that the treatment may not provide a meaningful benefit to patients.
However, Clovis said it would continue to test the drug, Rubraca, in combination with other treatments for bladder cancer.
Rubraca belongs to a new class of cancer drugs called PARP-inhibitors, which work by blocking enzymes involved in repairing damaged DNA of cancer cells, thereby helping to kill them.
Shares of the Boulder, Colorado-based drug developer fell 12.5 percent to $20.55 after market hours.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
