Mi­rati bails on lead drug, shifts fo­cus to I/O pro­gram

The stock is sink­ing for San Diego biotech Mi­rati Ther­a­peu­tics $MRTX fol­low­ing news that the com­pa­ny is si­phon­ing re­sources from its lead drug to fund its new­er im­muno-on­col­o­gy pro­gram.

The com­pa­ny’s most ad­vanced drug is gle­sa­tinib, which was in Phase II tri­als for non-small cell lung can­cer and oth­er sol­id tu­mors. But ap­par­ent­ly that pro­gram is no longer the most promis­ing in Mi­rati’s pipeline.

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