Infinity Pharma to stop developing drug for rheumatoid arthritis

(Reuters) – Infinity Pharma said it would stop testing its lead drug as a treatment for rheumatoid arthritis after it failed the main goal in a mid-stage study.

The company’s shares fell 10 percent to $14.75 in premarket trading on Thursday.

Infinity said Duvelisib, which is being developed with AbbVie Inc in oncology, will still be tested to treat various types of blood cancer.

Three doses of duvelisib were being tested against a placebo in 322 adults with moderate-to-severe rheumatoid arthritis, who were also given another commonly-used treatment called methotrexate.

The decades-old methotrexate is used to fight certain cancers, psoriasis and arthritis.

Rheumatoid arthritis, which affects about 1.5 million in the United States, occurs when the immune system attacks the body’s tissues, causing pain, swelling and stiffness in the joints.

Shares of Infinity Pharma closed at $16.33 on the Nasdaq on Wednesday.

(Reporting by Rosmi Shaji in Bengaluru; Editing by Savio D’Souza)

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