OncoMed Stock Drops 25% After Lung Cancer Drug Misses In Mid-stage Clinical Trial

OncoMed Pharmaceuticals Inc. stock dropped 25% in premarket trade Monday after the company said its small cell lung cancer drug had missed in a mid-stage clinical trial. The drug, tarextumab, did not meet primary or secondary endpoints, the company said. OncoMed also said on Monday that it will discontinue a phase 1b clinical trial for a brontictuzumab combination treatment in third-line colorectal cancer, because the combination was "not tolerable" in the patient population. The announcements follow news last week of a failed midstage pancreatic cancer trial and that Bayer would not be licensing two of the company's cancer drugs. "Based on the events of today and last week, we will be undertaking a comprehensive portfolio prioritization review immediately," said OncoMed Chairman and Chief Executive Officer Paul Hastings. OncoMed shares closed at $4.84 on Friday. Shares have dropped 36.6% over the last three months, compared with a 2.7% rise in the S&P 500 .