Shares of Rafael Holdings Inc. $(RFL)$ plummeted 78% in morning trading Thursday, after the developer of cancer treatments said a Phase 3 trial of CPI-613 (devimistat) in patients with relapsed or refractory acute myeloid leukemia failed to meet its primary endpoint.
The company said devimistat, given with Folfirinox (mFFX), a current standard of care chemotherapy regimen, did not significantly improve overall survival.
"While we are disappointed by the outcomes of these well-designed and well-executed studies, we remain committed to furthering our research and development in cancer metabolism for the treatment of hard-to-treat cancers, as our other studies continue," said Rafael Chief Executive Sanjeev Luther.
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