Reuters: Hot Stocks: UPDATE 2-Lilly drug fails to improve survival in breast cancer trial

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UPDATE 2-Lilly drug fails to improve survival in breast cancer trial Sep 26th 2013, 14:39 Thu Sep 26, 2013 8:32am EDT * Drug improves survival in patients with advanced gastric cancer * Shares fall 5 pct before the bell (Adds details, stock movement) Sept 26 (Reuters) - Eli Lilly and Co said its experimental breast cancer drug failed to improve patients' survival without their cancer worsening in a late-stage trial, dashing investors' hopes on one of the company's most talked-about drugs. Lilly shares fell 5 percent in premarket trade. The company said it does not plan to submit an approval application for the drug, ramucirumab, for treating advanced breast cancer. However, a separate trial, testing the drug as a treatment for advanced gastric cancer, met the main goal of improving patients' survival. Ramucirumab - deemed as one of Lilly's most promising experimental treatments - was being tested in combination with chemotherapy drug docetaxel, and compared with a placebo and docetaxel as initial treatment in patients with advanced breast cancer. Lilly said it is determining next steps for patients enrolled in the breast cancer trial conducted along with Translational Research in Oncology, an international cancer research group. Ramucirumab is also being tested in late-stage trials for treating cancers of the colon, lung and liver. Lilly shares fell 5 percent to $50.14 in trading before the bell. They closed at $52.61 on the New York Stock Exchange on Wednesday. (Reporting by Esha Dey in Bangalore; Editing by Sriraj Kalluvila) Link this Share this Digg this Email Reprints

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