Idera Phar­ma­ceu­ti­cal­s' stock tanks af­ter Ab­b­Vie cuts en­roll­ment ear­ly in a PhIb tri­al

When Idera Phar­ma­ceu­ti­cals flunked a Phase III melanoma tri­al with its Toll-like re­cep­tor 9 ag­o­nist tilso­tolimod back in March, ex­ec­u­tives clung to the hope that sep­a­rate tri­als in oth­er can­cers would turn up bet­ter re­sults.

With­out the re­sults it was hop­ing for, Idera says it’s now dis­con­tin­u­ing en­roll­ment in a key Phase II study and con­sid­er­ing out-li­cens­ing the can­di­date. Ab­b­Vie’s al­so cut­ting re­cruit­ment short in an ear­li­er-stage part­nered study — caus­ing Idera’s stock $IDRA, al­ready worth less than a $1, to tank more than 27% on Wednes­day af­ter­noon.

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