Infinity Pharma drops 12% after stopping prostate cancer drug study

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Infinity Pharmaceuticals Inc. (Nasdaq:INFI) is down nearly 12% today after announcing Monday’s close that it was discontinuing its prostate cancer drug study. The Cambridge, Mass.-based biopharmaceutical company specializes in products for cancer treatments. It is stopping further enrollment in its phase two study of IPI-504 in advanced hormone-refractory prostate cancer. The company said it hasn’t seen proof that the drug helped patients with the disease, but those enrolled in the trial may continue getting the drug after consultation with a doctor. Infinity said it will continue to study the impact of IPI-504 in patients with other diseases including lung cancer and refractory gastrointestinal stromal tumors.

In today’s trading, Infinity shares are at $6.67 at 9:50 a.m. ET, down $0.88 from Monday’s close.

For detailed price information and recent news stories about Infinity Pharmaceuticals Inc., click INFI.