CTI BioPharma drops after COVID-19 drug fails clinical study

CTI Biopharma

01/10/2021 21:34

** Drug developer's  CTIC.O  shares drop 10.1% to $2.57 in
extended trading 
    ** Co says its experimental drug, pacritinib, was not
statistically significant in addressing negative outcomes of
severe COVID-19 in hospitalized patients  urn:newsml:reuters.com:*:nPn8kr7Gqa
    ** CTIC to stop developing the drug for severe COVID-19 and
instead focus on its development for myelofibrosis, a type of
blood cancer
    ** The drug failed to meet the main goal of reducing the
number of patients who progressed to mechanical ventilation,
oxygenation or death
    ** Up to Friday's close, stock had fallen 8.4% YTD 

 (Reporting by Manas Mishra in Bengaluru)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manasmishra24))