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AbbVie stock down 1.8% in premarket trade after failure of glioblastoma drug trial

Sarah Toy

Shares of AbbVie Inc. fell 1.8% in premarket trade after the company announced that interim data from a Phase 3 trial of glioblastoma drug Depatux-M did not show any survival benefit to patients. An independent monitoring committee recommended stopping the trial, which was conducted in collaboration with the RTOG Foundation, a not-for-profit cancer research organization. "Glioblastoma patients and their caregivers face a devastating disease for which there are few therapeutic options. While we are disappointed that Depatux-M did not demonstrate a survival benefit in the INTELLANCE-1 study, we remain committed to discovering and developing therapies to address some of the most debilitating cancers," said Michael Severino, vice chairman and president of AbbVie, in a statement. AbbVie has halted enrollment in all of its Depatux-M studies. Shares of the company have fallen 14% in the year to date through Thursday, while the S&P 500 has gained 14.7%.